Bitcoin’s break below the 50-week EMA, alongside $1.1 billion in long liquidations, points to more than a routine pullback. The AI-led tech selloff is now colliding with crowded crypto leverage.
The key question is $68K. A brief wick into that area followed by a recovery would show buyers defending the level. Daily closes below it, rising exchange inflows, and weak ETF demand would signal deeper downside risk.
Watch three things next: whether BTC reclaims the 50-week EMA, whether spot ETF flows improve, and whether funding resets. A stabilizing price with falling open interest would be healthier than a bounce driven only by short covering.
