The new week hasn't officially started, but Bitcoin has already fallen below the $65,000 mark, hitting an intraday low of $64,785 on Bitstamp. In the process, over $100 million in Bitcoin long positions and approximately $85 million in Ethereum long positions were mercilessly liquidated. According to Coinglass liquidation data, a total of 86,277 traders were forced to close positions in the past 24 hours, with $278 million wiped out—$234 million of which came from long positions, primarily involving BTC and ETH. The broader cryptocurrency market declined about 0.58% on the day, with total market capitalization now standing at $2.28 trillion.
Bitcoin Breaks Below $65,000 as Wall Street Futures Slide
Bitcoin fell 1.2% on the day, breaking below $65,000 for the first time this month. Given Bitcoin's reputation as a leading indicator for traditional financial markets, some believe Wall Street may face a rough morning. "With US stock futures opening lower and crude oil futures rising to $103, Bitcoin starts to crash," wrote X account Ash Crypto shortly after 6 PM Eastern Time. Just after 7 PM, Bitcoin rebounded from its intraday low of $64,785 on Bitstamp, with bulls attempting to reclaim the $66,000 level. The leading cryptocurrency by market cap has now fallen nearly 25% year-to-date and over 8% in the past two weeks. Although Bitcoin briefly broke above $70,000 in March, analysts do not expect the Delta index to return to an uptrend in the near term.
Crude Oil Surpasses $103, Traditional Markets Under Pressure
This turmoil appears linked to growing unease in traditional financial markets. Futures markets indicate a weak open on Monday, with Wall Street remaining cautious ahead of a holiday-shortened trading week (markets closed Friday). Dow futures fell between 0.6% and 1.7%, implying a notably weak open. As of 7:30 PM ET, S&P 500 futures were down about 0.5% to 0.6%, and Nasdaq futures fell roughly 0.6% to 0.7%. "Always amazed that Sunday night futures are down so little with no hint of a deal in sight. Only down 0.50. I guess the big boys will come in before we go to sleep and widen the decline to 1.5%," wrote market commentator and TV personality Jim Cramer on X. Crude oil futures quietly surpassed the $100 mark, a development that historically compresses investors' decision-making windows.
Bitcoin Outlook and Market Sentiment
Leveraged long-position holders in crypto are already at the forefront of this pressure. At press time (8:25 PM ET Sunday), Bitcoin was trading at $66,778, showing remarkable volatility and a significant rebound over the past hour. Whether Bitcoin can hold above $66,000 or be dragged back to the week's lows may depend less on aggressive buyers and more on how traders interpret Monday's opening moves. The market's next direction already weighs on every portfolio manager's mind. Meanwhile, Strategy's STRC preferred stock—with its ultra-low volatility and double-digit yield—has drawn attention for its carefully engineered stability, contrasting sharply with the current market turbulence.
FAQ
- How low did Bitcoin drop? Bitcoin hit an intraday low of $64,785 on Bitstamp, its first break below $65,000 this month.
- How many traders were liquidated? Coinglass data shows 86,277 traders were liquidated in 24 hours, with total losses of $278 million.
- Why is Bitcoin falling? Bitcoin is under pressure from macro market factors, including falling US equity index futures and crude oil breaking above $103/barrel.
- How is the broader crypto market performing? Total crypto market cap fell 0.58% on the day to $2.28 trillion.