BTC Price Plunges to 3-Week Low as Analysts Map Out Next Downside Targets

The first breakdown to under $68,000 seemed as just the beginning for bitcoin’s Friday correction, which just worsened with another dip to a fresh 3-week low.

Most altcoins have followed suit, which has harmed over-leveraged traders, with more than 120,000 such participants being wrecked in the past day.

BTC Drops Again

It was less than 48 hours ago when the primary cryptocurrency tapped a multi-day peak at $72,000. However, the quickly escalating tension in the Middle East continues to take its toll on the market, and BTC dipped to $67,500 earlier today. This coincided with the Royal Government of Bhutan transferring more BTC, perhaps to sell, and reports claiming that the US is considering sending up to 10,000 troops to Iran.

The landscape worsened in the following hours, as bitcoin just dipped to its lowest position in almost three weeks at just over $66,000. Michaël van de Poppe was quick to pick up the move, indicating that it’s Friday and he wouldn’t be “surprised to see a deeper correction happening into months’ end on BTC.”

Recall that a massive $15 billion option expiry event will take place today, as it’s the end of the month and the first quarter of the year.

Van de Poppe said he expects a potential sweep of the current range’s lows, and he remains interested in buying in the lower $60,000 regions.

Fellow analyst Merlijn The Trader said the second flag is breaking down after BTC lost the $69,000 support. He believes BTC could dump to as low as $47,500 if it fails to reclaim that crucial line soon.

Liquidations Pop

Most larger-cap alts have followed BTC on the way south, with ETH dropping below $2,000, BNB slipping to $610, and XRP trading beneath $1.45. Naturally, the liquidations are on the rise, with over $400 million in longs getting wiped out in the past 24 hours. Naturally, BTC and ETH lead the pack, with $187 million and $124 million, respectively, according to data from CoinGlass.

Over 120,000 traders have been wrecked in the same timeframe, with the biggest single liquidation taking place on Hyperliquid. It was worth close to $4 million.

Liquidation Data on CoinGlass

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