- Bitcoin dropped to $67,879, marking an 8% decline from last week’s $73,600.
- Over 104,000 traders were liquidated, resulting in collective losses of $233 million.
- Analysts suggest a potential rebound if Bitcoin holds above $68K, with targets reaching up to $78K.
The ongoing crypto market pullback has intensified into the new week, with Bitcoin breaking back into the $67K range. Earlier today, Bitcoin dropped to $67,879, marking a significant 8% decline from the $73,600 level it traded last week.
As of press time, Bitcoin has bounced back to $68,570, though it still shows a 2% dip from its intraday high. This correction has spread to the altcoin market, with many tokens falling to new weekly lows after trading higher last week.
104K Traders Liquidated with $230M Loss
The derivative market is feeling the effects of the crash even more acutely. In the last 24 hours, 104,787 traders with long and short positions have been liquidated, resulting in collective losses of $233 million.
Notably, the majority of these losses came from investors betting on a further uptrend for Bitcoin. The largest single liquidation was reported from a trader who lost approximately $10 million in a Bitcoin trade on the OKX exchange.
What’s Next for Bitcoin
Amid the ongoing market correction, analysts are weighing in on Bitcoin’s potential direction. Some believe the major correction may be over and that a strong rebound is on the horizon.
An analysis shared on X indicates that BTC’s healthy correction has concluded, with the price now holding firmly above $68K, effectively flipping this resistance level into new support. Two weeks ago, $68K was an elusive threshold for Bitcoin, but it has now become a reliable support range.
The analyst noted that a double-bottom W pattern appears to be forming, suggesting the potential for a significant breakout. He emphasized that Bitcoin could reach new all-time highs, with targets as high as $77,000.
Seasoned analyst Ali Martinez also shares this perspective. In a recent update, Martinez stressed that Bitcoin is proceeding “according to plan” amid the correction. He believes that if the $69K support holds, the next rebound could reach $78K.
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