Bitcoin Price Drops Below $67,000

U.Today reports a significant downturn in the cryptocurrency market, with Bitcoin briefly dipping under the $67,000 threshold, resulting in extensive liquidations amounting to over $193 million, primarily from long positions. This suggests a potential decline in bullish momentum.

Traders, following a recent surge, are either cashing out or facing forced liquidations, showing hesitance in Bitcoin's performance, often tagged as digital gold. The liquidation heatmap indicates Bitcoin's liquidations at around $46.75 million, with Ethereum leading at $57.43 million, pointing to considerable sell-offs in both top assets.

The majority of liquidations came from Binance and OKX, where traders engaged in highly leveraged bets. Bitcoin tested its descending trendline resistance this year but struggled to sustain a notable breakout above it after reaching $68,000, leading to a sharp retracement and possible rejection.

If Bitcoin fails to regain momentum, critical support may rest around $64,000, with increasing downside if bulls do not act swiftly. Should liquidation pressures rise, the market faces further risk amid growing bearish sentiment.

To restore confidence in a bullish trend, Bitcoin must stay above $67,000. Overall, the market remains precarious, with price retractions and spikes in liquidations contributing to an unstable environment. Investors are advised to proceed with caution amid ongoing volatility.

This article was originally published on U.Today