Bitcoin Falls 0.93% to $66,540; Analyst Sees Potential $51,000 Low
Bitcoin slid 0.93% to $66,540.09 as trading volume dipped and open interest rose 1.31%, signaling growing bearish sentiment alongside $220 million liquidated in the past 24 hours. A leading analyst compared the current downturn to 2022 and predicted Bitcoin could drop to at least $51,000.
1. Market Performance
Bitcoin traded between the high $65,000s and low $68,000s, falling 0.93% to $66,540.09 as volume dipped over 24 hours. Ethereum mirrored the trend, slipping 0.85% to $1,959.54, while XRP and Solana plunged over 3%, and Dogecoin lost 2.33%.
2. Liquidations and Sentiment
Crypto markets saw over $220 million in liquidations in 24 hours, with long positions bearing most losses. Open interest on Bitcoin futures rose 1.31%, often signaling a build-up of shorts, and the Fear & Greed Index entered “Extreme Fear” territory.
3. Analyst Forecasts
An established cryptocurrency analyst compared current price action to the 2022 drawdown and forecast that Bitcoin could test levels as low as $51,000. Another commentator highlighted record-low volatility, suggesting a “big move on the horizon” with potential profit-taking at $80,000–$85,000.