Bitcoin price forecast sees new breakdown as crypto liquidates over $200M

💡 DMK Insight

Bitcoin’s stuck in a tight range at $66,979, and traders are feeling the pressure. With over $200 million in daily liquidations, this extreme bearish sentiment could signal a breakdown. If BTC can’t hold above key support levels, we might see a cascade of selling. Look for resistance around $68,000; a break above could shift sentiment. But if it dips below $65,000, expect panic selling and further liquidations. This isn’t just about Bitcoin—altcoins often follow suit in these scenarios, amplifying the volatility. Keep an eye on the funding rates and open interest; they can provide clues about market sentiment and potential reversals. Here’s the thing: while the bearish outlook is prevalent, it could also set the stage for a rebound if the market finds a floor. Watch for signs of accumulation or a sudden spike in buying volume, which could indicate a shift in sentiment.