Bitcoin Falls 6% to $66,948; $1.25B Liquidations
Bitcoin fell about 6% to $66,948 after Wednesday’s Wall Street open, triggering roughly $1.25 billion in crypto liquidations and reviving forecasts of a drop toward $50,000.
Bitcoin fell about 6% to as low as $66,948 on Bitstamp shortly after Wednesday’s U.S. trading open, triggering roughly $1.25 billion in liquidations across crypto markets. The decline reached the lowest level for bitcoin since April 5 and erased gains made earlier in April.
The drop occurred while the S&P 500 set an all-time high, creating a divergence between bitcoin and broader equity markets. Traders described a flow into stablecoins and a reduced appetite for risk as factors coinciding with the sell-off.
Analysts and market participants linked the move to technical pressure and high leverage. The trader known as Rekt Capital wrote on X that investors were “Macro Risk-Off, fleeing into Stablecoins and moving away from Bitcoin” and identified the 50-month exponential moving average at roughly $66,250 as a nearby technical level.
A prediction platform priced notable odds of a return to $50,000. A market commentator using the name Exitpump pointed to record open interest and heavy spot selling, warning on X of a “big red candle wiping out all the underwater longs” and suggesting prices could reach the low $60,000s or mid $50,000s.
Chart analysts described the price action as a repeat of a previous bear flag breakdown. CollinTalksCrypto wrote that the pattern resembled an earlier continuation and that lower lows remained possible.
Exchange order-book data and price charts showed clustered liquidation events during Wednesday’s decline. High levels of leveraged positions can trigger forced liquidations as prices fall, which adds selling pressure and can accelerate intraday moves.
The sell-off left bitcoin trading below the $67,000 mark and removed gains accumulated since early April. Some traders identified potential support near longer-term moving averages, while others continued to monitor leverage levels and macro risk sentiment for further direction.
Market participants were reminded that trading carries risk and to evaluate position sizes and leverage exposure when assessing market conditions.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
