Over $400 million in longs destroyed in the last 24 hours.
The initial drop below $68,000 was seen as the start of bitcoin’s Friday correction, which only worsened with another dip to a 3-week low.
Many altcoins have followed suit, which has hurt the biggest traders, with more than 120,000 such participants crashing in the previous day.
BTC Drops Again
It was less than 48 hours ago that the main cryptocurrency hit a multi-day high of $72,000. However, the rapidly growing tensions in the Middle East continue to affect the market, and BTC fell to $67,500 earlier today. This coincided with the Royal Government of Bhutan transferring more BTC, possibly for sale, and reports that the US is considering sending up to 10,000 troops to Iran.
The situation worsened in the following hours, as bitcoin recently fell to its lowest point in nearly three weeks at just over $66,000. Michaël van de Poppe was quick to take this step, indicating that it is Friday and he would not be “surprised to see a deep correction happen at the end of the BTC months.”
Keep in mind that the big $15 billion option expiration event will happen today, as is the end of the month and the first quarter of the year.
Van de Poppe said he expects a possible sweep of the current decline, and remains open to buying in the low $60,000s.
Fellow analyst Merlijn The Trader said the second flag is reversing after BTC lost support at $69,000. He believes BTC could drop as high as $47,500 if it fails to recover that key line soon.
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THE SECOND REVOLUTION IS NOW GOING ON.
Bitcoin has printed a bear flag. Discarded at $65.500. Included. Print another one.
Support lost again by $69K.
Search it again immediately: the pattern fails.
Stay below: measured $47.500 target move.Most people will understand this too late. pic.twitter.com/pRPF3jY8wd
— Merlijn The Trader (@MerlijnTrader) March 27, 2026
Liquidations Pop
Most of the major alts followed BTC on a southerly path, with ETH falling below $2,000, BNB down to $610, and XRP trading below $1.45. Naturally, foreclosures are on the rise, with more than $400 million liquidated over the past 24 hours. Naturally, BTC and ETH lead the pack, with $187 million and $124 million, respectively, according to data from CoinGlass.
More than 120,000 traders were destroyed at the same time, with the largest liquidation occurring on Hyperliquid. It was worth nearly $4 million.
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