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Bitcoin Price Crashes Below $66,000 as Liquidations Pass $50M

The cryptocurrency market is facing a sharp correction this hour as the $Bitcoin price plummeted below the critical $67,000 support level, triggering a massive wave of liquidations. Within the last 60 minutes, the leading digital asset broke down to approximately $66,105, marking a nearly 3% intraday decline.

This move has effectively wiped out millions in leveraged long positions, as the broader market reacts to a combination of downgraded institutional price targets and growing regulatory friction in the United States.

Why is Bitcoin Crashing?

The current breakdown is driven by three primary factors: a $50 million liquidation cascade triggered by the breach of $67k, a bearish outlook from Standard Chartered warning of a "capitulation floor" at $50,000, and reports of stalled U.S. crypto legislation due to political deadlocks.

The $66k Breakdown and Liquidation Cascade

The most immediate impact on the Bitcoin price has been the "long squeeze." As BTC broke below the $67,000 psychological floor, automated sell orders and margin calls were triggered.

1. Liquidation Volume: Early data suggests over $50 million in long positions were liquidated in the last hour alone.
2. Price Action: After hitting a brief high near $68k earlier today, BTC is now hovering around $66,100, testing the resolve of holders.
3. Market Sentiment: The rapid descent has forced many retail traders to exit, fearing a deeper plunge into the $60k-flat range.

Standard Chartered "Doom" Report Rattles Investors

The primary fundamental catalyst for this hourly drop appears to be the market’s reaction to a new report from Standard Chartered. Analyst Geoffrey Kendrick, previously a major Bitcoin bull, has significantly revised his projections.

Revised Price Targets

Standard Chartered slashed its year-end BTC target from $150,000 down to $100,000. More alarmingly for short-term traders, Kendrick warned of a potential "capitulation floor" at $50,000.

Profitability and Fear

According to Glassnode data, only about 50% of the total Bitcoin supply is currently in profit. This metric is a major psychological trigger; when profitability drops this low, "fear of the floor" often drives high-volume selling as investors scramble to protect what remains of their gains.

Regulatory Anxiety: The SEC vs. Trump Deadlock

Adding to the bearish momentum is breaking news from Washington D.C. regarding the U.S. Crypto Bill. Reports from the Senate Banking Committee indicate that the legislation—which many hoped would provide much-needed clarity—is currently stalled.

The deadlock centers on two main issues:

• Conflicts of Interest: Concerns regarding President Trump's perceived ties to specific crypto ventures.
• Stablecoin Yields: Intense lobbying from the banking sector to ban yield payments on stablecoins, which they argue could trigger deposit flight from traditional banks.

This political stagnation has effectively killed the "policy pump" that many analysts expected would carry the market through the first quarter of 2026.

Hourly Market Snapshot

The breakdown in Bitcoin has dragged the entire altcoin market lower, with Ethereum and Solana facing significant technical damage.

Bitcoin Price Prediction: Further Crash Ahead?

The breach of $67,000 has shifted the short-term technical outlook from neutral to bearish. Investors are now looking toward the $64,000 level as the next line of defense. If the regulatory news continues to be negative, the "capitulation floor" mentioned by Standard Chartered may become a self-fulfilling prophecy.