Bitcoin price drops 6 percent in one day: New target 50,000 USD

With the opening of Wednesday's trading on Wall Street, the price of Bitcoin (BTC) lost more than 6 percent of its value. As the flow of liquidations accelerated, TradingView data showed the BTC/USD pair falling to $66,948 on the Bitstamp exchange. This is reported by Cointelegraph.com .

This figure is the lowest level since April, erasing the growth momentum of recent months. In the last 24 hours, the total volume of liquidations in the crypto market reached $1.25 billion. Unlike other risky assets, Bitcoin continues to decline, even as the S&P 500 index recorded another record high.

Analyst Rekt Capital noted on his X social media page that investors are avoiding macroeconomic risks, abandoning Bitcoin assets and moving to stablecoins. According to his forecast, the price will target the 50-month exponential moving average (EMA) at $66,250 in the next phase.

The expert added that there may be a temporary reaction at this point, but over time, it is highly likely that Bitcoin will fall below this EMA level and continue its bearish trend. The Kalshi prediction service expects the price to drop to $50,000.

Market commentator Exitpump believes that the record level of open interest has caused a massive sell-off in the spot market. Currently, the crypto market remains under strong pressure.