Bitcoin fell below $68,000 in early U.S. trading on Thursday, extending a week-long sell-off as weakness in global risk assets heightened concerns about a near-term downside.
Cryptocurrency liquidations topped $1 billion in the past 24 hours, with bullish leveraged bets wiping out about $980 million as falling prices forced traders to liquidate positions they couldn’t maintain funding.
Earlier in the day, the price fell below $70,000, with a liquidity heat map indicating further declines.
According to data from Coinglass, liquidity quickly decreased until near $70,000, at which point another smaller cluster emerged. This makes $70,000 a mechanically significant level. If price breaks this cleanly, there will be less need for forced buyouts to slow the move, increasing the risk of a faster move towards $60,000 highs.
The liquidation heat map is the map where leveraged traders are most likely to be forced out. Bright bands mark price levels with numerous estimated liquidation points that can act like short-term magnets for price movement. Traders use it to spot areas of congestion and possible areas of volatility, rather than precise turning points.
A renewed plunge in silver and broader deleveraging in macro trading have increased safe-haven positioning, with crypto trading increasingly being part of a liquidity-driven complex.
At the same time, prediction markets are signaling a shift in sentiment. On Polymarket, contracts related to Bitcoin’s 2026 price outcomes are now biased towards lower levels, with traders assigning the highest probability to the possibility of a price at or below $65,000.
The odds of a further decline into the mid-$50,000 range have increased in recent days, while expectations for a six-figure price have fallen sharply from January highs.
Traffic data suggests a similar caution. U.S.-listed spot Bitcoin ETFs saw net outflows this week, while activity in perpetual futures weakened as leverage decreased.
Some market participants still view the $68,000 to $70,000 area as a key technical area, citing previous active trading activity and long-term holders’ cost base congregating nearby.
A sustained move below this range could open the door to a deeper consolidation phase, echoing the decline that followed the previous rebound.