Bitcoin crashed to $67,289 on Wednesday, its lowest price since April and a brutal 6% single-day slide that pushed the broader crypto market into red territory. The move wiped out 15% of Bitcoin's value over the past month and left the asset 47% below its all-time high of $126,000.
Support levels give way
The breakdown wasn't subtle. Bitcoin dropped below channel support that had held for weeks, sliced through the 100-day simple moving average, and cracked the 0.5 Fibonacci retracement level at $71,300. Each of those levels had been watched by traders as potential floors. None held.
Where analysts see the bottom
Ali Martinez, a crypto analyst closely followed on social media, predicts Bitcoin could fall another 3.4% from current levels to $65,000. He says the breakdown of those key supports opens the door for that move.
Another market observer, Nonzee, has an even more bearish view, forecasting a multi-stage decline that would take Bitcoin to $48,000 by September. That forecast dates from earlier this year and hasn't been updated to reflect today's price action.
Neither analyst has revised their targets since Wednesday's drop.
The big question now is whether $65,000 will hold as a psychological floor, or if the selling accelerates into the weekend.
