Bitcoin slid below $66,000 on Wednesday, erasing all the ground it had gained since April. The 10% drop over three days pushed the asset from just over $67,700 to an intraday low of $65,362, setting off a $500 million wave of forced selloffs across crypto derivatives markets.
Three days, 10% down
Wednesday's slide capped a stretch that saw bitcoin shed roughly a tenth of its value in 72 hours. The descent began Monday, accelerated Tuesday, and hit its worst point early Wednesday when the price briefly touched $65,362 — levels not seen since late March. The move erased everything bitcoin had added during April's rally, returning the market to a familiar pattern of sharp corrections after steady climbs.
The $500 million flush
The steep decline triggered a widespread liquidation event. Over $500 million in leveraged long positions were closed across major exchanges as price drops forced margin calls. The bulk of the liquidations hit traders who had bet on continued upside, with the sudden cascade amplifying the downward pressure. It's the largest single flush since a similar event in late February.
April's gains wiped clean
Bitcoin entered April around $65,000 and rose steadily through the month, topping out near $72,000. Wednesday's low of $65,362 means that entire two-month advance has now been surrendered. The speed of the reversal caught many off guard — there was no single catalyst, just a slow bleed that turned into a rout. The selloff came with lower-than-average volumes over the weekend and escalated once U.S. markets opened.
The $65,000 level had acted as support during previous pullbacks. It's unclear whether it will hold this time. Traders are watching the next few sessions to see if the liquidation wave cleared enough leverage to let price stabilize, or if more pain is ahead.
