Bitcoin Price Falls Under $66.5K With 79M in Longs Wiped Out

Bitcoin price has tumbled sharply, falling from near $69,000 to under $66,500 in just 60 minutes. The sudden $BTC price crash has liquidated more than $79 million in long positions, according to data from Coinglass. Concurrently, the total crypto market capitalization lost roughly $90 billion during the drop, despite US stock markets trading in positive territory.

Source: X

Ethereum price also declined during the same window, falling below $2,000. According to the liquidation map, heavy long clusters were stacked below $66,000, creating pressure as prices approached key support zones. Despite the short recovery today, the Bitcoin price is now ranging between $66,000 and $68,000 if the support holds.

According to crypto analysts, IT Tech, the SuperTrend has flipped red, signaling bearish momentum for the $BTC price. The analysts noted that failure to reclaim $68,000 quickly could expose $BTC to more downside, with liquidation risk growing below $65,500.

US Debt Forecast Adds Pressure to Market Mood

The selloff came shortly after the Congressional Budget Office (CBO) released its latest economic forecast, raising concerns about the long-term health of US government finances. The agency warned that the national debt will surpass its World War II peak by 2030, reaching 106% of GDP and potentially climbing to 175% by 2056.

Source: X

The updated outlook raises the projected 10-year deficit by $1.4 trillion compared to last year’s estimate. Net interest payments are expected to double from $1 trillion in 2026 to $2.1 trillion by 2036, driven by higher interest rates and expanding borrowing needs.

CBO Director Phillip Swagel said, “Our budget projections continue to indicate that the fiscal trajectory is not sustainable.” The report also projects the Social Security trust fund will run out of reserves by 2032, a year earlier than previously expected.

Trump Era Policies Add to LongTerm Fiscal Burden

Much of the increase in projected debt is linked to legislation passed in 2025 under President Donald Trump. The permanent extension of 2017-era tax cuts and business incentives is expected to increase the deficit by $4.7 trillion through 2035.

However, the CBO estimates that the administration’s expanded tariffs could generate about $3 trillion in new federal revenue by 2036. Despite that offset, the overall fiscal picture remains strained. The CBO also warned that higher tariffs may raise inflation between 2026 and 2029.

The budget office noted that a reduction in immigration could shrink the US population by 5.3 million by 2035. This change is forecast to reduce the working-age population by 2.4 million and slow average monthly job growth to 44,000 between 2028 and 2036.

Is Bitcoin Price Recovery Near? Santiment Breaks Down

With the crypto market reacting to broader economic signals, traders are closely watching support near $65,000 and resistance at $68,000.

At the same time, social data shows retail sentiment remains bearish despite Bitcoin recovering from its drop below $60,000 last week. According to Santiment, posts across major platforms still show a high ratio of fear-driven content compared to bullish commentary.

Source: Santiment

This level of crowd pessimism suggests that many retail participants are hesitant to re-enter, even as price stabilizes. Historically, elevated fear levels have often preceded rebounds, especially when larger holders accumulate with reduced resistance.

At press time, the Bitcoin price was trading at $66,655 after a brief recovery but was still down 3.5% in the last 24 hours.