Bitcoin Steadies at $67K After 9.5% Weekly Drop, Faces Critical Support
Bitcoin recovered 0.7% on Wednesday to trade near $67,000, but the bounce does little to mask a 9.5% weekly decline. The price remains in the range that persisted between February and April after a failed breakout above $81,000 last month. If BTC falls below $60,000, it could trigger liquidations and a slide to $54,000. The divergence with U.S. stocks hitting record highs is concerning as the two assets historically move together. Derivatives data shows over $1.7 billion in leveraged futures liquidations in 24 hours, with falling open interest suggesting aggressive unwinding of bullish bets. Implied volatility jumped sharply, and put-call skew indicates traders are buying downside protection. Meanwhile, AI tokens like NEAR, RENDER, and FET rose 9%, bucking the trend. Altcoin Season indicator hit 53/100, but Humanity Protocol lost 25% after a 200% weekly rally, illustrating profit-taking risks.
Key facts
- Bitcoin recovers 0.7% to ~$67K but down 9.5% in seven days.
- BTC remains in Feb-Apr range after failing to break above $81K.
- Over $1.7B in leveraged crypto futures liquidated in 24 hours.
- Implied volatility spikes; put-call skew rises to 20% for downside protection.
- AI tokens NEAR, RENDER, FET gain 9%; Altcoin Season index at 53/100.