Bitcoin Price Plunges Below $65K Amid $1.8B Liquidation Wave

Bitcoin's price plummeted below $65,000 on Wednesday before recovering above $67,000, but still down over 3% in the last 24 hours. The sudden drop triggered nearly $1.8 billion in crypto liquidations, with more than $800 million of those losses coming from Bitcoin traders.

The sharp selloff was accompanied by a surge in retail chatter on Stocktwits, with discussion around Bitcoin jumping nearly 60% over the past day. However, sentiment remained firmly 'extremely bearish' territory.

According to Julio Moreno, Head of Research at CryptoQuant, the decline is primarily driven by weakening Bitcoin demand rather than broader macroeconomic factors. Moreno stated that the ongoing price correction has nothing to do with stocks, oil, or macro data.