Bitcoin (BTC) slipped below the $67,000 mark on Tuesday, trading at $66,812.89 after dropping nearly 4% in 24 hours. Weekly losses widened to 12%, while the monthly decline approached 30%, reflecting sustained selling pressure. Trading volume also cooled 12% to $42.52 billion, signaling weaker conviction among participants.
Liquidations, ETF Reversal, and Extreme Fear
1. Over $293 million in forced liquidations. Data from CoinGlass shows that $293.86 million worth of positions were liquidated in the past 24 hours, with longs accounting for $229.72 million and shorts at $64.14 million. Bitcoin alone saw $120.36 million wiped out, affecting 102,788 traders. The cascade of long closures exacerbated the sell-off.
2. BTC ETF flows showed signs of reversal. According to SoSoValue, although the daily net inflow remained at $166.56 million, some recent sessions recorded strong outflows. Total assets under management stood at $87.75 billion. Irregular institutional flows weakened demand support.
3. Crypto Fear & Greed Index plunged to 11, firmly in Extreme Fear territory, down from 27 last month. With risk appetite collapsing, traders have largely withdrawn from the market.
Technical Outlook: $65K Is the Line in the Sand
On the 1-hour TradingView chart, Bitcoin is forming “lower highs,” meaning each recovery is weaker than the previous one. The RSI sits near 31, approaching oversold territory, which could trigger a short-term bounce. However, the MACD remains negative, indicating persistent selling pressure.
The critical support zone lies between $65,000 and $64,500. A breakdown below that range could open the door to $62,000 or even $60,000. The nearest resistance sits around $68,000. Ethereum (ETH) also fell 4% to $1,943, amplifying bearish sentiment across the board.
Analysts at CoinGabbar said the current drop is driven by liquidation cascades and fear, not structural weakness. Whether BTC defends $65,000 is likely to determine the next major move — a relief rally toward $68,500–$72,000 if support holds, or further decline toward $60,000 if it breaks.