BTC Price Plunges to 3-Week Low as Bears Target $47.5K
BTC price plunged to a fresh 3-week low after failing to hold the $69,000 support, extending Friday’s correction from a recent $72,000 peak. Earlier, BTC slipped to about $67,500, then broke down to just over $66,000.
Traders linked the move to mounting geopolitical risk (Middle East tensions) and additional market pressure as reports said Bhutan transferred more BTC and the US is considering sending up to 10,000 troops to Iran. Analysts Michaël van de Poppe and Merlijn The Trader warned that deeper downside is possible. Van de Poppe expects a sweep of current range lows and remains interested in buying in the lower $60,000s. Merlijn said the bear flag has broken and highlighted a measured-move target as low as $47,500 if BTC cannot reclaim $69K soon.
The selloff lifted liquidation pressure. Over $400 million in long positions were wiped out in 24 hours, with more than 120,000 traders liquidated. CoinGlass data showed the largest liquidations hitting BTC ($187M) and ETH ($124M). Broad weakness followed: ETH fell below $2,000, BNB slipped to around $610, and XRP traded under $1.45.
A major $15B crypto options expiry is set for the day (end-of-quarter, end-of-month). Traders may see heightened volatility around expiry as support levels are tested.
Bearish
The article’s core signal is that BTC price has lost a key support level ($69,000) and is now consolidating below it, reinforcing bearish chart structure (bear flag breakdown). At the same time, risk-off catalysts (Middle East tension) and reports of additional BTC supply (Bhutan transfer) can sustain selling pressure.
The liquidation data ($400M+ longs wiped; 120k+ traders liquidated) matters because it often turns a technical breakdown into a faster, self-reinforcing move: forced selling can push price below stops, triggering more liquidations. Similar patterns have historically preceded short-term volatility spikes, especially around major derivatives events.
With a $15B end-of-quarter options expiry looming, the near-term path is likely to be choppy and downside-sensitive if BTC remains under $69K. In the short run, this can cause “range sweeps” toward lower liquidity pockets (analysts cite $60k first, then potentially as low as $47.5k). In the longer run, if BTC can reclaim and hold $69K after expiry, it would reduce downside probability and allow stabilization; otherwise, repeated failures could keep traders pricing a deeper correction.