Bitcoin is bleeding. The world’s largest cryptocurrency plunged to $66,997 on Tuesday, shedding over $6,750 in just 32 hours as panic grips the market and liquidations tear through leveraged positions at an alarming rate.
For traders who have watched this cycle with cautious optimism, the drop is a gut punch, and analysts say it may not be over.
The Numbers That Are Shaking Traders Right Now
The sell-off is brutal by any measure. In the span of two hours alone, [over $700 million was liquidated from the broader crypto market, a figure that signals not just price weakness, but forced selling on a massive scale.
Bitcoin itself has shed more than $6,750 since Monday morning, crashing from above $73,000 and now trading dangerously close to levels that could trigger the next wave of panic.
With BTC touching $66,997, a number that rattled even seasoned holders. Long-time crypto participants are responding with a familiar battle cry: HODL.
Polymarket Now Puts Odds of $65,000 Bitcoin at 75%
As prices crater, prediction markets are flashing red. Polymarket, the decentralized prediction platform that has become one of the most watched sentiment gauges in crypto, now gives a 75% probability that Bitcoin falls to $65,000 in the near term. That is not a fringe bet. That is the market’s collective view, priced in real money.
The signal carries weight. Polymarket’s crowd intelligence has accurately called several crypto turning points in recent cycles, and with $65,000 now firmly in the conversation, traders are watching order books and on-chain flows more carefully than ever.
Strategy’s Bitcoin Sale Sparks Controversy on Polymarket
Meanwhile, a separate storm is brewing around Strategy, the Michael Saylor-led company formerly known as MicroStrategy and one of the most prominent corporate Bitcoin holders in the world. The firm disclosed that it sold 32 BTC during the final week of May, a relatively small sale by its historical standards, but the timing of the announcement has ignited a fierce debate.
Polymarket had hosted a market asking whether Strategy would sell BTC before May 31, with over $80 million wagered on the outcome. The catch: Strategy made its disclosure after the market officially closed, raising serious questions about whether the result should count. The dispute has exploded across crypto Twitter and Polymarket’s own community forums, quickly becoming one of the most talked-about resolution controversies the platform has ever seen.
The situation puts a spotlight on several pressure points now shaping the industry, the growing power of prediction markets in driving narratives, the critical importance of corporate disclosure timing, rising scrutiny over how market outcomes are adjudicated, and the extraordinary level of interest that now surrounds every move a corporate Bitcoin holder makes. None of these conversations are going away quietly.
Analysts Eye $60,000 as the Next Level to Watch
With Bitcoin now trading below $67,000 and sentiment souring fast, some analysts are dusting off the $60,000 target, a level that has served as a psychological floor and technical reference point throughout this market cycle.
While no one is calling an imminent crash to that price, the fact that it is re-entering the conversation tells you something about how quickly the mood has shifted. The ongoing sell-off in Strategy-related assets is adding fuel to the fire. As the company’s holdings come under fresh scrutiny, both from the Polymarket controversy and from broader market pressure, the sentiment bleed is real.
When one of Bitcoin’s loudest corporate advocates becomes a source of uncertainty rather than confidence, the market feels it.
What Holders Are Doing Right Now
For many long-term Bitcoin holders, the move below $67,000 is painful but not surprising. Volatility of this magnitude is not new to anyone who has been around through previous cycles. The instinct to hold, to HODL, in the language of crypto culture, remains strong among this cohort.
On-chain data consistently shows that long-term holders are not the ones selling during these drops. It is the leveraged traders, the short-term speculators, and the over-extended positions that are getting flushed out.
That is exactly what liquidation events like Tuesday’s are designed to do: clear out weak hands and reset the market for the next move, whatever direction that ends up being.
What Comes Next for Bitcoin
The path forward hinges on whether Bitcoin can hold above the $65,000–$66,000 range that Polymarket and technical analysts are now treating as critical support. A clean defense of that zone could stabilize sentiment and give bulls a foothold. A break below it, on the other hand, opens the door to the $60,000 discussion in a very real and urgent way.
Keep watching the liquidation numbers, the Polymarket odds, and any further disclosures from corporate holders like Strategy. In a market moving this fast, the next 48 hours could define the next several weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
