Bitcoin Bleeding. The largest in the world The cryptocurrency fell to $66,997 on Tuesday, He lost over $6,750 in just 32 hours, as panic gripped the market and liquidations ripped through leveraged positions at an alarming rate.
For traders who have watched this cycle with cautious optimism, the decline is a blow, and analysts say it may not be over.
Numbers that are shaking traders now
The sales process is brutal by all standards. In just two hours, more than $700 million was liquidated from the broader cryptocurrency market, a figure that indicates not only weak prices but also widespread forced selling.
Bitcoin itself has lost more than $6,750 since Monday morning, crashing from more than $73,000 and is now trading dangerously close to levels that could trigger the next wave of panic.
With BTC reaching $66,997, a number that has shaken even seasoned coin holders. Longtime cryptocurrency participants are responding with a familiar battle cry: HODL.
Polymarket now puts odds on $65,000 Bitcoin at 75%
As prices collapse, prediction markets are flashing red. Polymarket, the decentralized forecasting platform that has become one of the most closely watched sentiment gauges in the cryptocurrency space, now gives a 75% probability that Bitcoin will fall to $65,000 in the near term. This is not a marginal bet. This is the collective view of the market, priced in real money.
The signal carries weight. Polymarket’s crowd intelligence has pinpointed several cryptocurrency turning points in recent cycles, and with $65,000 USD in the conversation now, traders are monitoring order books and cross-chain flows more carefully than ever before.
The strategy’s Bitcoin sales spark controversy at Polymarket
Meanwhile, there’s a separate storm brewing around Strategy, the Michael Saylor-led company formerly known as MicroStrategy and one of the world’s most prominent bitcoin holders. The company revealed that it sold 32 bitcoins during the last week of May. A relatively small sale by historical standards, but the timing of the announcement ignited intense controversy.
Polymarket hosted a market asking if Strategy would sell BTC before May 31, with more than $80 million betting on the outcome. The problem: The strategy made its announcement after the market had officially closed, raising serious questions about whether the result should have been calculated or not. the The dispute has exploded across cryptocurrency community forums on Twitter and Polymarket, It quickly became one of the most talked about decision-related controversies the platform has ever seen.
The situation highlights the many pressure points now shaping the industry, the growing power of prediction markets in driving narratives, the critical importance of the timing of corporate disclosure, the increasing scrutiny around how market outcomes are adjudicated, and the extraordinary level of attention that now surrounds every move a corporate Bitcoin holder makes. None of these conversations will go away quietly.
Analysts are eyeing $60,000 as the next level to watch
With Bitcoin now trading below $67,000 and sentiment deteriorating rapidly, 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.
Although no one is calling for an imminent collapse of this price, the fact that it is back in the conversation tells you something about how quickly the mood is turning. Continuing sell-offs in assets linked to the strategy are adding fuel to the fire. As the company’s holdings come under new scrutiny, both from the Polymarket controversy and from broader market pressures, the bleeding of sentiment is real.
When one of Bitcoin’s biggest advocates becomes a source of uncertainty rather than trust, the market feels it.
What the right people are doing now
For many long-term Bitcoin holders, a move below $67,000 is painful but not surprising. Volatility of this magnitude is not new to anyone who has been around during previous cycles. The instinct to cling to HODL, in the language of crypto culture, remains strong among this group.
On-chain data consistently shows that long-term holders are not the ones selling during these declines. It is the leveraged traders, short-term speculators, and overly extended positions that are eliminated.
This is exactly what liquidation events like what happened on Tuesday are intended to do: remove weak hands and reset the market for the next move, whatever direction that ends up being.
What comes next for Bitcoin?
The path forward depends on whether Bitcoin is able to sustain a range above $65,000 to $66,000, a range that Polymarket and technical analysts are now treating as crucial support. A clean defense of that area can stabilize sentiment and give bulls a foothold. On the other hand, a break below this level opens the door to discussing $60,000 in a very real and urgent way.
Continue to monitor liquidation numbers, Polymarket odds, and any other disclosures from company owners like Strategy. In a market that moves so quickly, the next 48 hours can define the next few weeks.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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