The week hasn't officially started, but Bitcoin has already plunged below the $65,000 mark, hitting an intraday low of $64,785 on Bitstamp. According to Coinglass data, 86,277 traders were liquidated in the past 24 hours, with total losses amounting to $278 million, of which $234 million came from long positions heavily concentrated in BTC and ETH. Over $100 million in Bitcoin longs and approximately $85 million in Ethereum longs were wiped out.
Bitcoin fell 1.2% on the day, marking its first dip below $65,000 this month. Given Bitcoin's reputation as an early warning indicator for traditional financial markets, some observers believe Wall Street could be in for a rough morning. Ash Crypto wrote on X: 'As US stock futures opened lower and crude oil futures rose to $103, Bitcoin started to crash.' At press time, Bitcoin had recovered from the $64,785 low, with bulls attempting to reclaim the $66,000 level. The leading cryptocurrency by market cap is now down nearly 25% year-to-date and over 8% in the past two weeks.
Macro Pressure and Surging Oil Weigh on Risk Assets
Bitcoin's decline is closely tied to deteriorating macro sentiment. Futures markets point to a weak open on Monday, with caution prevailing ahead of a holiday-shortened trading week (markets closed Friday). Dow futures fell approximately 0.6% to 1.7%, implying a notably weak open. S&P 500 futures slipped about 0.5% to 0.6%, and Nasdaq futures declined similarly. Crude oil futures surged past $103 per barrel, a level not seen since 2022.
Market commentator and TV personality Jim Cramer noted on X: 'Always amazed that Sunday night futures are down so little when there is no sign of a deal. Down only 0.50. I guess the big money will come in before we go to sleep and bring it to 1.5%.' Analysts believe that oil breaching $100 sharply compresses decision-making time for investors, and leveraged long traders in crypto are already on the front lines of this pressure.
Liquidation Data Staggering, Crypto Market Cap Shrinks
Coinglass liquidation data shows $278 million in total liquidations over 24 hours, with $234 million from longs. The overall cryptocurrency market cap fell 0.58% on the day, now standing at $2.28 trillion. During most of the trading session, despite broad weakness, most crypto assets posted only modest percentage declines. Whether Bitcoin can hold above $66,000 or be dragged back to weekly lows may depend on how traders interpret Monday's open.
Notably, Strategy's STRC preferred stock has drawn attention for its ultra-low volatility and double-digit yield. Founder Michael Saylor emphasized that STRC's volatility is positioned below all major asset classes and equities. However, this news did little to buoy crypto market confidence.
At press time (8:25 PM ET Sunday), Bitcoin was trading at $66,778, showing remarkable volatility with a significant rebound off its lows. The next move for the market remains uncertain, but persistently high oil prices could further dampen risk appetite.