Bitcoin slid below $68,000 during U.S. morning hours Thursday, extending a week-long selloff that tracked weakness across global risk assets and deepened concerns about near-term downside.
$1B in Liquidations, $980M of It Longs
Total crypto liquidations exceeded $1 billion over the past 24 hours, wiping out about $980 million in bullish leveraged bets as forced closings cascaded. The price had already fallen under $70,000 earlier in the day. Liquidity heatmaps from Coinglass indicate that liquidity thins quickly below $70,000 until a smaller cluster appears near $68,000. This makes $70,000 a mechanically important level: if price pushes cleanly through it, forced buying from liquidations diminishes, raising the risk of a faster flush toward the high $68,000s.
Liquidation Heatmaps Flag Further Risk
The heatmap shows where leveraged traders are most likely to be forced out. Bright bands mark price levels with many estimated liquidation points, which can act as short-term magnets for price moves. Silver's renewed plunge and broader deleveraging across macro trades have added to risk-off positioning, with crypto increasingly trading as part of the same liquidity-driven complex. Traders use the heatmap to spot crowded zones and likely volatility pockets, not exact turning points.
$60K Zone Emerges as Potential Entry; 200-Week MA at $57,926
The $60,000 area has recently popped up as a potential entry point. As CoinDesk previously reported, Bitcoin's 200-week moving average (WMA) has historically acted as a bottom signal in every previous cycle. Currently, it sits around $57,926. If the decline continues, that level could provide technical support.
Prediction Markets Turn Bearish, ETF Outflows
On Polymarket, contracts tied to Bitcoin's 2026 price outcomes now skew toward lower levels, with traders assigning the highest probability to prices at or below $65,000. Odds for deeper drawdowns into the mid-$55,000 range have climbed in recent days, while expectations for six-figure prices have faded sharply from January highs. Flows data also points to caution: US-listed spot bitcoin ETFs have logged net outflows this week, while activity in perpetual futures has thinned as leverage is reduced.