Bitcoin (BTC) losses topped 6% after Wednesday’s open on Wall Street as the liquidation cascade gathered pace.

Key points:

• Bitcoin falls below $67,000 for the first time since the first week of April as losses mount.
• Liquidations reached $1.25 billion in 24 hours, with analysis pointing to a return to the mid-$50,000 range.
• BTC/USD appears to be repeating the bear flag breakdown from earlier in the year.

BTC price drops to $66,950 in liquidation cascade

Data from TradingView showed that the BTC/USD price on Bitstamp dropped to $66,948.

BTC/USD Hourly Chart. Source: Cointelegraph/TradingView

That level was the lowest since April 5, erasing months of gains as 24-hour cryptocurrency liquidations hit $1.25 billion.

History of cryptocurrency liquidation (screenshot). Source: CoinGlass

Continuation of A a grim discrepancy among other risky assets, Bitcoin collapsed as the S&P 500 set another all-time high.

BTC/USD vs. one-day chart of the S&P 500. Source: Cointelegraph/TradingView

“Investors avoid macro risk, flock to Stablecoin and away from Bitcoin,” trader and analyst Rekt Capital he wrote in response to X

BTC/USD monthly chart. Source: Rekt Capital/X

Rekt Capital next set a 50-month exponential moving average (EMA) price target of $66,250.

“There may be a limited reaction following contact, but over time Bitcoin will likely break out of this EMA and continue its macro bear market declines,” he stated. in addition.

Source: Kalshi

When forecasting site Kalshi saw a return of $50,000, commentator Exitpump pointed to record open interest that contributed to “an incredible amount of spot selling.”

“I think this may end with a big red candle that will clear all underwater debts from the system,” he says warned X followers

“We may have hit the low 60Ks or even the mid 50Ks.”

12-hour BTC/USDT chart with exchange order book data. Source: Exitpump/X

The Bitcoin bear flag is back in the spotlight

Continuing on, CollinTalksCrypto, creator of the social media channel of the same name, has brought back a familiar chart feature explaining BTC price weakness.

Related: Trump says Iran will ‘do well’: Five things to know about Bitcoin this week

BTC/USD, on he arguedit simply continued the previous pattern of collapse after exiting behind bear flag structure.

“Many wanted to overcomplicate it, saying ‘it’s different this time,’ but bitcoin does the same thing it always does during bear markets. It collapses,” we read in X’s post.

“And it’s definitely taking longer than 4 months (October->February $60k), despite hopes to the contrary. I think it’s more likely than many want to admit that we’ll see lower lows this year.”

BTC/USD 1-day chart. Source: ColinTalksCrypto/X

ColinTalksCrypto described the BTC price chart as “pretty straight forward.”