Bitcoin plunged below $67,000 on Wednesday, its lowest level since early April, as a wave of liquidations accelerated price declines. Losses exceeded 6% as cross-crypto liquidations hit $1.25 billion within 24 hours, diverging from the S&P 500’s rally. Analysts observed a recurring bear flag pattern and warned that support levels near $66,250 could break, with some predicting a potential drop toward the mid-$50,000 range.
Bitcoin’s price tumbled to approximately $66,950 on Wednesday, marking its weakest point since April 5. The move occurred alongside a massive $1.25 billion in cross-crypto liquidations over 24 hours, according to data.
The sell-off created a stark divergence from traditional risk assets as the S&P 500 reached a new all-time high. Trader and analyst Rekt Capital stated investors were moving toward stablecoins, describing the action as “Macro Risk-Off.”
Rekt Capital added that Bitcoin was likely targeting its 50-month exponential moving average near $66,250. The analyst warned a breakdown from that level could continue the macro downside in this bear market.
Commentator Exitpump highlighted record open interest contributing to significant spot selling. The commentator warned followers, “I think this can end with a big red candle wiping out all the underwater longs from the system.”
Exitpump suggested prices could hit the low $60,000s or even mid-$50,000s. This aligns with views from prediction service Kalshi, which signaled a potential return to $50,000.
Analyst CollinTalksCrypto argued the price action was repeating a previous bear flag breakdown pattern. In a post, the analyst described the chart as straightforward, noting Bitcoin behaves predictably in bear markets.
The post read, “Many wanted to overcomplicate this with ‘this time is different,’ but bitcoin is just doing the same thing it always does in bear markets. It breaks down.” The analyst further suggested it is likely the market will see lower lows this year.
