Bitcoin dropped below $70,000 on Tuesday, extending a slide that has now pushed the cryptocurrency to its lowest level in two months. The move triggered roughly $800 million in forced liquidations across major exchanges, according to market data. The sell-off gathered speed as traders focused on Bitcoin's 200-day moving average, a key trend line that has been tested repeatedly this year.
How the sell-off unfolded
Prices weakened through the morning session in Asia and accelerated during European hours. Bitcoin briefly touched $68,900 before bouncing slightly. The daily drop amounted to roughly 4%, bringing the seven-day decline to around 12%. Open interest across Bitcoin futures fell sharply as leveraged longs were flushed out.
Why the 200-day moving average matters
Analysts have been watching Bitcoin's 200-day moving average trend line for weeks. The level, now near $69,500, has acted as support during pullbacks earlier in the year. A close below it could signal a deeper correction. The last time Bitcoin broke decisively under this metric was in late 2025, when prices fell another 15% before stabilizing.
What the liquidation data shows
The $800 million liquidations were concentrated on Binance, Bybit, and OKX, with Bitcoin longs accounting for roughly 60% of the total. Ether and altcoins such as Solana and Dogecoin also saw double-digit leverage unwinds. Funding rates turned deeply negative across perpetual swaps, reflecting market-wide bearish sentiment.
Bitcoin is trading around $69,200 as of press time. The next few sessions will determine whether the 200-day moving average holds or gives way. A weekly close below $68,500 could open the door to the mid-$60,000s. No major U.S. economic data is due this week, leaving technical levels and order-book liquidity as the main drivers.
