Bitcoin witnessed a significant downturn in the past 24 hours, plummeting below the $63,000 mark. The cryptocurrency reached a high of $66,000 early yesterday morning but has since been on a downward trajectory. This decline has resulted in over $200 million in liquidations across the network.

Technical analysis suggests that while the price has broken through several resistance levels, it has now retraced to the 0.618 Fibonacci level. This level coincides with an ascending trendline, indicating a potential support zone. If the price can hold above this level, it may resume its upward momentum. Additionally, the price has broken out of a triangle pattern, with a target price estimated around $70,000.

Ethereum has also experienced a slight decline, but its price movement has been relatively muted. While it hasn't reached our previously predicted levels, it is nearing a potential retracement zone. The current chart structure suggests a potential triangle formation, and the price is currently consolidating within this pattern.

$200 Million Liquidated Across Crypto Exchanges in Past 24 Hours

According to Coinglass data, a total of $207 million worth of cryptocurrency positions were liquidated in the past 24 hours. Long positions accounted for the majority at $162 million, with approximately 75,000 traders being liquidated.

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