Bitcoin continued to weaken, dropping more than 3% over the past 24 hours and falling below $67,000 for the first time since March 9, as liquidations accelerated across leveraged positions. Data from Coinglass shows that over $50 million in long trades were wiped out within an hour, with bitcoin accounting for the majority of those losses.

The decline spilled over into crypto-linked stocks, with Circle Internet (CRCL), Coinbase (COIN) and Strategy (MSTR) all trading lower in pre-market activity.

The sharp move highlights the fragility of crowded long positioning. As prices fell, leveraged bets on upside were forcibly closed due to insufficient margin, intensifying the downward pressure.

Market structure points to the possibility of further weakness. A 48-hour liquidation heatmap shows a notable concentration of liquidity just below $66,000, suggesting that level could act as a near-term downside target if selling continues.

Futures market indicators also reflect a shift in sentiment. Funding rates have turned negative, signaling growing demand for short positions as traders position for further declines.

At the same time, the broader macro backdrop is becoming less supportive. The U.S. 10-year Treasury yield is approaching 4.5%, its highest level in nearly a year, reducing the relative attractiveness of risk assets like cryptocurrencies.

Bond market volatility is also rising, with the MOVE index jumping 18% over the past day, pointing to increased uncertainty around inflation and interest rate expectations.

Energy prices are adding to the pressure. Brent and WTI crude have both climbed roughly 3%, driven in part by Ukraine’s disruption of Russian oil supply, which has complicated efforts by U.S. President Donald Trump to stabilize global markets.

Meanwhile, the U.S. dollar continues to strengthen, with the DXY index nearing the 100 mark, creating additional headwinds for bitcoin and the broader digital asset space.