Bitcoin Falls Under $68,000, Market Prices in Move Toward Low-$60,000s

Crypto markets were hit by another wave of forced selling, with liquidations topping $1 billion over the past 24 hours and wiping out nearly $980 million in long, leveraged positions.

Bitcoin fell below $68,000 during U.S. trading hours on Thursday, extending a week-long downturn that has unfolded alongside broader weakness in global risk assets. The decline followed an earlier break under $70,000, a level traders view as critical for near-term market stability.

Order book data suggests limited support just below current prices. Liquidity heatmaps from Coinglass show that depth thins quickly beneath $70,000 before reappearing in smaller pockets, increasing the risk of a sharper move into the upper $60,000s if selling pressure continues. With fewer liquidation-driven buy orders below that level, price moves can accelerate once support gives way.

Liquidation heatmaps highlight price zones where leveraged traders are most vulnerable to forced exits. Concentrated bands often draw short-term price action and volatility, helping traders identify crowded positioning rather than precise market turning points.

Macro-driven risk aversion has added to crypto’s weakness. A renewed drop in silver prices and ongoing deleveraging across macro trades have reinforced a risk-off backdrop, with digital assets increasingly trading in lockstep with other liquidity-sensitive markets.

Attention is now shifting toward lower potential support areas. The $60,000 region has emerged as a level of interest for some traders. As previously noted by CoinDesk, bitcoin’s 200-week moving average — which has historically marked cycle bottoms — is currently near $57,926.

Sentiment indicators are also turning more defensive. On Polymarket, contracts tied to bitcoin’s 2026 price outcomes now skew toward lower levels, with the highest probability assigned to prices at or below $65,000. Expectations for a move to six-figure territory have faded sharply since January, while the odds of a drop into the mid-$50,000s have increased.

Flow data echoes the cautious tone. U.S.-listed spot bitcoin ETFs have recorded net outflows this week, while activity in perpetual futures has thinned as traders continue to reduce leverage.

Despite the sell-off, some market participants still point to the $68,000–$70,000 zone as a key technical area, citing heavy historical trading volumes and long-term holder cost bases concentrated in that range. A sustained break below it, however, could set the stage for a deeper consolidation phase, similar to those seen after previous major rallies