Bitcoin (BTC) faced a sharp decline of 6%, dropping below $67,000 for the first time since early April, leading to substantial liquidations totaling $1.25 billion in the crypto market. This downturn saw BTC prices plummet to $66,948, erasing months of gains. Analysts are now speculating that Bitcoin might target its 50-month exponential moving average at $66,250, with some predicting a potential return to the $50,000 range. The market is witnessing a significant shift as investors move away from Bitcoin towards stablecoins, driven by macroeconomic concerns. A trader noted that the current price action reflects a typical bear market behavior, suggesting that lower lows could be on the horizon. As Bitcoin continues to diverge from traditional assets like the S&P 500, which recently reached an all-time high, the outlook for Bitcoin remains cautious as it navigates through this bearish phase.