Bitcoin

April

Rekt

Bitcoin (BTC) losses passed 6% after Wednesday’s Wall Street open as a cascade of liquidations gathered pace.
Key points:
<ul>
 <li>Bitcoin falls below $67,000 for the first time since the first week of April as losses pile on.</li>
 <li>Liquidations hit $1.25 billion over 24 hours as analysis sees the mid-$50,000 range returning.</li>
 <li>BTC/USD appears to repeat a bear flag breakdown from earlier in the year.</li>
</ul>
<h2 id="btc-price-dives-to-66-950-in-liquidation-cascade">BTC price dives to $66,950 in liquidation cascade</h2>
Data from TradingView showed BTC/USD dropping as low as $66,948 on Bitstamp.<img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-0217-21-28.png" width="1134">
BTC/USD one-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 That level marked the pair’s lowest since April 5, erasing months of gains as 24-hour cross-crypto liquidations hit $1.25 billion.<img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="507" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-06-02-at-171947.png" width="1376">
Crypto liquidation history (screenshot). Source: CoinGlass
 Continuing a <a href="https://cointelegraph.com/markets/bitcoin-price-falls-under-70k" rel="noopener noreferrer nofollow">grim divergence</a> from other risk assets, Bitcoin collapsed as the S&amp;P 500 set yet another all-time high.<img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-06-0217-20-46.png" width="1134">
BTC/USD vs. S&amp;P 500 one-day chart. Source: Cointelegraph/TradingView
 “Investors are Macro Risk-Off, fleeing into Stablecoins and moving away from Bitcoin,” trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/2061839690341228657" rel="noopener noreferrer nofollow">wrote</a> in a response on X.<img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="1402" src="https://s3-images.ctmedia.io/media/content/hj0ftc2w0aalwi4.jpeg" width="1814">
BTC/USD one-month chart. Source: Rekt Capital/X
 Rekt Capital saw price targeting its 50-month exponential moving average (EMA) at $66,250 next.
“There could be a limited reaction from there on contact but over time Bitcoin is likely to breakdown from this EMA and continue macro downside in this Bear Market,” he <a href="https://x.com/rektcapital/status/2061838890315469027" rel="noopener noreferrer nofollow">added</a>.<img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="415" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-06-02-at-171805.png" width="896">
Source: <a href="https://kalshi.com/markets/kxbtcminy/how-low-will-bitcoin-fall-this-year/kxbtcminy-27jan01" rel="noopener noreferrer nofollow">Kalshi</a>
 As prediction service Kalshi saw $50,000 returning, commentator Exitpump put the spotlight on record open interest contributing to an “insane amount of spot selling.”
“I think this can end with a big red candle wiping out all the underwater longs from the system,” it <a href="https://x.com/exitpumpBTC/status/2061825202271498554" rel="noopener noreferrer nofollow">warned</a> X followers.&nbsp;
<blockquote>
 “Maybe we hit low 60Ks or even mid 50Ks.”
</blockquote><img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="906" src="https://s3-images.ctmedia.io/media/content/hj0telgwiaab6p8.png" width="1879">
BTC/USDT 12-hour chart with exchange order-book data. Source: Exitpump/X
<h2 id="bitcoin-bear-flag-returns-to-the-spotlight">Bitcoin bear flag returns to the spotlight</h2>
Continuing, CollinTalksCrypto, creator of the social media channel of the same name, brought back a familiar chart feature to explain the BTC price weakness.
Related: <a href="https://cointelegraph.com/markets/trump-says-iran-will-work-out-well-five-things-to-know-in-bitcoin-this-week" rel="noopener noreferrer nofollow">Trump says Iran will ‘work out well’: Five things to know in Bitcoin this week</a>
BTC/USD, he <a href="https://x.com/ColinTCrypto/status/2061821285961769297" rel="noopener noreferrer nofollow">argued</a>, was simply continuing a previous breakdown pattern, having exited a <a href="https://cointelegraph.com/markets/bitcoin-coinbase-premium-threatens-bear-flag-repeat-with-btc-price-at-76k" rel="noopener noreferrer nofollow">bear flag structure</a>.
“Many wanted to overcomplicate this with ‘this time is different,’ but bitcoin is just doing the same thing it always does in bear markets. It breaks down,” an X post read.&nbsp;
<blockquote>
 “And it definitely takes longer than 4 months (Oct-&gt;Feb $60k), despite the hopium to want otherwise. I think it's more likely than many still want to admit that we see lower lows this year.”
</blockquote><img alt="Bitcoin gets new $50K target after BTC price crashes 6% in a day" height="2077" src="https://s3-images.ctmedia.io/media/content/hj0olquxiaakcyn.jpeg" width="3840">
BTC/USD one-day chart. Source: ColinTalksCrypto/X
 ColinTalksCrypto described the BTC price chart as “pretty straightforward.”

Bitcoin gets new $50K target after BTC price crashes 6% in a day

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