Bitcoin plunged to a three-week low below $66,000, triggering a widespread market correction and causing significant losses for leveraged traders. Over $400 million in long positions were liquidated in the past 24 hours, affecting more than 120,000 traders. Analysts pointed to geopolitical tensions and a major options expiry as contributing factors to the sharp downturn.
The cryptocurrency market experienced a severe correction on Friday, with bitcoin dropping to its lowest price in nearly three weeks. The asset fell below $66,000 after failing to hold support at $69,000, following a peak near $72,000 just 48 hours earlier.
Analyst Michaël van de Poppe indicated on social media that he wouldn’t be surprised to see a deeper correction occurring into the month’s end. He stated he expects a potential sweep of the current range’s lows and remains interested in buying in the lower $60,000 regions.
The downturn coincided with escalating Middle East tensions and reports that the U.S. is considering sending up to 10,000 troops to Iran. A massive $15 billion options expiry event is also scheduled for today, marking the end of the month and quarter.
Analyst Merlijn The Trader stated bitcoin printed a second bear flag after losing the $69,000 support. He believes the measured move could target $47,500 if that crucial line is not reclaimed soon.
Most major altcoins followed bitcoin’s decline, with Ethereum dropping below $2,000 and Binance Coin slipping to $610. This price action resulted in over $400 million worth of long positions being liquidated across the market in 24 hours.
Data from CoinGlass shows bitcoin and Ethereum led the liquidation totals with $187 million and $124 million respectively. Over 120,000 traders were affected, with the largest single liquidation occurring on Hyperliquid and valued at nearly $4 million.
