Bitcoin’s collapse has accelerated dramatically over the past several days, but the rebound might not be coming soon.
10 days ago, BTC traded at $81,000. On Friday morning, the cryptocurrency crashed below $68,000 for the first time in nearly three months. On Saturday, it tanked further to under $67,000.
CryptoPotato reached out to two market experts to try to get a perspective on the current conditions and whether they anticipate an immediate bounce or more pain on the horizon.
Why $68K Is So Important
Martin Lee, Market Insights Lead at DWF Labs, highlighted bitcoin’s 50-week moving average near $75,000, which the asset is on track to close beneath only eight weeks after reclaiming it. Historically, moves back above that trend line have often preceded sustained rallies, while losing it has opened the door for further downside.
Lee, though, sees one important difference this time: BTC never moved particularly far above the 50-week MA before reversing, with its top briefly coming at $87,000 in September. This left BTC relatively close to another major technical support: the 200-week moving average around $68,000.
This key level has repeatedly served as an important long-term floor, Lee said. He contrasted the current setup with November 2025, when the cryptocurrency lost the 50-week MA near $100,000 and eventually plunged toward $60,000 before reaching comparable long-term support.
The bullish factors are rather minimal at this point. Current on-chain data shows that 52.2% of newly opened crypto futures and perpetual positions within the past 24 hours are shorts, and only 47.8% longs. New bitcoin options activity was similarly tilted bearish, with puts accounting for 53% of flows.
If the $68,000 support fails on the weekly scale, as it did on Friday, Lee expects the next major leg down to drive the leading crypto asset to $60,000.
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Different Risks
Bitget Wallet Research Lead Lacie Zhang also spoke to CryptoPotato about the current market conditions and reached a similar conclusion, with several intermediate levels before the ultimate $60,000 target. She attributed the latest decline to a combination of macro risk aversion, persistent spot Bitcoin ETF withdrawals, leveraged long unwinding, and weakness across technology stocks, as well as the scandal around Nvidia.
The hotter-than-expected October CPI worsened the broader landscape for risk-on assets. Headline prices rose 0.4% month-over-month against expectations of 0.3%, while core inflation also exceeded forecasts. Both contributed to another BTC leg down and lifted expectations for a December Fed rate hike.
Once the cryptocurrency lost the $72,000-$73,000 region, forced selling accelerated, as evidenced by the billions of dollars worth of liquidations on several occasions in the past week or so.
Zhang also sees $68,000 as immediate support, followed by $65,000 and $62,000 if selling continues. As Lee noted, though, $60,000 is not out of the question anymore, which is hard to imagine since bitcoin traded above $80,000 just ten days ago.
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