Bitcoin traded below the $67,000 level amid heightened volatility, triggering a fresh wave of liquidations across the derivatives market. Over the past 24 hours, more than $250 million in leveraged positions were wiped out, with long traders accounting for the majority of forced closures as price slipped through key intraday support.
The liquidation spike reflects mounting pressure following Bitcoin’s breakdown on the daily chart and loss of two-week support, reinforcing the broader technical weakness highlighted by analysts. Against this backdrop, market participants are now closely watching whether BTC can reclaim the $72,000 area, a level analysts say could shift short-term momentum back in favor of the bulls.
Bitcoin Breaks Key Support After Double Top, Chart Shows Contracting Triangle
BTC broke below a long-held support level after forming a double-top pattern on the two-week BTC/USD chart, according to a TradingView snapshot shared by crypto trader Trader Tardigrade (@TATrader_Alan) on X. The chart tracks Bitcoin’s price history across multiple cycles and marks repeated peaks that failed near prior highs, followed by breakdowns through a purple support band. As a result, price slipped under the former floor and moved into a contracting triangle, a structure defined by converging trendlines after a sharp decline.
Bitcoin 2 Week BTCUSD Contracting Triangle Chart. Source: Trader Tardigrade via X
On the chart, Bitcoin printed two rounded peaks near prior cycle highs before losing the same horizontal support zone that had held during earlier consolidations. In both historical instances, price fell through that base and then compressed inside a narrowing range marked by downward-sloping resistance and rising support. Consequently, the structure shifted from expansion to compression, which signals a pause after heavy selling pressure rather than a continuation of the prior advance.
At the same time, the breakdown below the support band mirrors earlier cycle behavior shown on the left side of the chart, where Bitcoin lost a similar floor before forming a contracting triangle near the lows. In that prior period, price stabilized inside the wedge-like structure before transitioning into a new uptrend over the following months. Therefore, the current pattern places Bitcoin in a comparable phase of post-breakdown consolidation, based on the historical analog presented in the chart.
Trader Tardigrade said the move below support followed a double-top formation and framed the present range as a contracting triangle on the two-week timeframe. The projection on the right side of the chart sketches a possible recovery path after compression, although the chart itself only shows the structural comparison between past cycles and the current setup. As of the snapshot, Bitcoin traded below the former support area while price action continued to coil inside the narrowing range, leaving the next directional break dependent on how price resolves the triangle.
Bitcoin Slides Toward Key Fib Support as Downtrend Holds on Daily Chart
Bitcoin stayed under pressure on the daily BTC/USD chart as price extended lower after failing to hold a descending trendline, according to a TradingView snapshot shared by analyst Dave the Wave (@davthewave) on X. The chart shows Bitcoin breaking down from a short-term consolidation and sliding toward a lower support band, with price trading near $69,364 at the time of the snapshot. As a result, the broader short-term structure kept a downside bias while price hovered near a rising support line drawn from prior lows.
Bitcoin Daily BTCUSD Chart. Source: TradingView via Dave the Wave on X
On the chart, Bitcoin sold off through a horizontal level near the mid-$80,000s and then accelerated lower, leaving a series of lower highs and lower lows across the daily timeframe. Consequently, price moved closer to a confluence area where a rising diagonal support meets a Fibonacci retracement zone. The chart marks the 0.5 retracement near $72,342, which sits above the current price, while a lower reference band appears closer to the low-$60,000s after the sharp wick lower.
At the same time, the descending trendline from the November highs remains intact and continues to cap rebounds. The chart labels a potential upside reaction point near $86,466, which aligns with the falling resistance line and a prior breakdown area. Therefore, any short-term recovery would first need to clear the rising support near the low-$70,000s before price can test the overhead downtrend line shown on the chart.
Dave the Wave said that, in the shorter term, a move back above $72,000 would open room toward the mid-$80,000s. As of the snapshot, Bitcoin consolidated just above the lower boundary of the recent drop, with price compressing under resistance and near rising support, leaving the next move dependent on whether price can reclaim the $72,000 area or remain capped by the descending trendline.
Source: https://coinpaper.com/14472/bitcoin-price-prediction-btc-falls-under-67-k-as-250-m-liquidations-hit
