Bitcoin Price Plummets: Analysis and Outlook

The price of Bitcoin (BTC) has dropped below the $66,000 support level, reaching $65,777.25, down by 3.6% in 24 hours, leading to over $426 million in liquidations with more than 151,000 traders affected. Long traders suffered the most, with Bitcoin accounting for the highest liquidation at $104 million, followed by Ethereum at $47.98 million. Despite the market correction, analysts expect a potential recovery driven by factors such as sustained demand for Bitcoin ETFs and the upcoming Bitcoin halving event, which could limit the coin's supply and trigger price growth.