Bitcoin is once again under strong selling pressure. The BTC price dropped below $68,000 after losing support in the $70,000 range, momentarily dipping to around $67,100. These are the lowest levels in nearly two months.

The movement was fierce. Just at the start of June, Bitcoin was hovering around $74,000, and a few weeks earlier it tested levels above $82,000. The rejection from those zones, however, turned into a dynamic correction that hit mainly the bulls.

Data from CoinGlass shows that over $1 billion worth of positions were liquidated in just one day. About 90% of that amount consisted of long positions, which are bets on the price of cryptocurrencies going up. This is a classic example of how breaking through a key support level triggers a cascade of liquidations.

The behavior of altcoins is also looking interesting. Although most of the market is also taking a hit, Bitcoin's dominance has dropped below 56%, suggesting that the sell pressure is really concentrated on BTC right now.

Some analysts are now pointing to $65,000 as the next critical support level. If that level is lost as well, the bears might try to push the market even lower.