Bitcoin Price May Drop to $66,800 Amid Market Volatility

TLDR

• Bitcoin price currently ranges between $81,000 and $84,000.
• Miner selling contributes significantly to market downward pressure.
• Historical patterns suggest potential lows around $74,000.

Bitcoin’s price might drop to $66,800–$70,000 as current market volatility increases. The fluctuations are driven by activities in the options market, miners selling, and macroeconomic factors. Among these is the potential nomination of Kevin Warsh as the Federal Reserve Chair, replacing Jerome Powell in May 2026. Additionally, recent tariffs imposed by former President Donald Trump further influence volatility.

Currently, Bitcoin prices have decreased to $81,000–$84,000, which some view as a potential bottom. However, there are indications that the price could fall further if certain conditions continue. Notably, Glassnode reported a $1.25 billion short gamma pocket at $80,000. A break below this level could lead to further declines as dealer hedging activities intensify.

Influence of Miner Selling and Macro Factors

Bitcoin miner distributions to exchanges have added to the selling pressure experienced by the market. This structural sell pressure contributes to overall price weakness. According to Glassnode’s analytics, this factor plays a significant role in the downward trend of Bitcoin prices.

Macroeconomic factors also play a critical role in shaping market trends. The nomination of Kevin Warsh as the Fed chair is particularly noteworthy. Jeff Park, an advisor at Bitwise, suggested that Warsh’s policies might mark the bottom for Bitcoin. His views were shared on Substack, emphasizing the potential impact on scarce assets like Bitcoin.

Key Opinions From Industry Analysts

Several key figures in the cryptocurrency space have shared their insights regarding the current state of Bitcoin. Veteran trader Peter Brandt noted the completion of a bear channel in Bitcoin, signaling another potential decline. He emphasized the importance of the price reclaiming $93,000 to negate this bearish pattern.

Michaël van de Poppe, a crypto analyst at MN Trading, has observed that Bitcoin has taken key liquidity levels. He mentioned that the price does not necessarily need to drop below $80,000 for a reversal to occur. However, broader market influences such as gold corrections or geopolitical tensions could put additional pressure on Bitcoin.

Potential Impacts and Historical Context

Past occurrences offer valuable context for the current market situation. Similar events in 2025 saw Bitcoin lows around $74,000, often followed by institutional reaccumulation before reaching new all-time highs like $126,000. These patterns provide insights into how the market may respond to the current volatility.

Despite the current challenges, analysts suggest watching the market for signs of recovery or further declines. The potential for a new market low remains, especially if key support levels of $84,000–$88,000 fail to hold. Bulls are defending these levels to avoid a breakdown to $68,000–$72,000.

Secondary Effects on Related Assets

The volatility in Bitcoin prices also affects other related assets. Cryptocurrencies like Ethereum and certain altcoins are experiencing similar pressures. This is primarily because of the liquidity contagion that arises during such market conditions.

A correlation also exists with traditional assets like gold, which has surged to $5,550 per ounce. For further updates, information, and analysis, stay informed through industry sources.