Bitcoin's decline deepened over the weekend, with the largest cryptocurrency falling below $68,000 on Friday morning — its first time in nearly three months — before dropping under $67,000 on Saturday. Ten days earlier, BTC had traded at $81,000.
Two market analysts said the pullback may not be over, citing technical levels and bearish positioning in derivatives markets, while stopping short of calling an immediate rebound.
Why $68,000 is the level to watch
Martin Lee, Market Insights Lead at DWF Labs, pointed to bitcoin's 50-week moving average near $75,000, a line the asset is on track to close beneath only eight weeks after reclaiming it. Historically, moves back above that trend line have often preceded sustained rallies, while losing it has opened the door to further downside, he said.
Lee sees one important difference this time: BTC never moved far above the 50-week moving average before reversing, with its top briefly coming at $87,000 in September. That left the price relatively close to another major technical support — the 200-week moving average around $68,000, a level he said has repeatedly served as an important long-term floor.
He contrasted the current setup with November 2025, when the cryptocurrency lost the 50-week moving average near $100,000 and eventually plunged toward $60,000 before reaching comparable long-term support.
Positioning tilts bearish
Lee described bullish factors as minimal at this point. On-chain data cited by the analyst shows 52.2% of newly opened crypto futures and perpetual positions within the past 24 hours are shorts, with 47.8% longs. New bitcoin options activity was similarly tilted, with puts accounting for 53% of flows.
If the $68,000 support fails on the weekly scale, as it did on Friday, Lee expects the next major leg down to take the leading crypto asset to $60,000.
A wider set of risks
Lacie Zhang, Research Lead at Bitget Wallet, reached a similar conclusion but sees several intermediate levels before the $60,000 target. She attributed the latest decline to a combination of macro risk aversion, persistent spot Bitcoin ETF withdrawals, leveraged long unwinding, weakness across technology stocks, and the scandal around Nvidia.
Hotter-than-expected October CPI data worsened the broader backdrop for risk-on assets. Headline prices rose 0.4% month-over-month against expectations of 0.3%, while core inflation also exceeded forecasts. Both contributed to another BTC leg down and lifted expectations for a December Fed rate hike, according to the analyst.
Once the cryptocurrency lost the $72,000-$73,000 region, forced selling accelerated, as evidenced by billions of dollars worth of liquidations on several occasions over the past week or so.
Downside levels
Zhang sees $68,000 as immediate support, followed by $65,000 and $62,000 if selling continues. As Lee noted, $60,000 is not out of the question — a scenario that remains difficult to reconcile with bitcoin trading above $80,000 just ten days ago.
