{"id":649215,"date":"2025-10-22T15:00:26","date_gmt":"2025-10-22T15:00:26","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=649215"},"modified":"2025-10-22T09:24:54","modified_gmt":"2025-10-22T09:24:54","slug":"bitcoin-price-sharp-crash-67000","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-sharp-crash-67000\/","title":{"rendered":"Here&#8217;s Why The Bitcoin Price Saw Sharp Crash Below $67,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-200-ma-break\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin price<\/span><\/a><span style=\"font-weight: 400\"> briefly crashed below $67,000 on October 21, although it quickly reclaimed this level as support before the daily close. This price decline is believed to be due to its correlation with the stock market, which also experienced a drop of its own.\u00a0<\/span><\/p>\n<h2>Why The Bitcoin Price Dropped Below $67,000<\/h2>\n<p><span style=\"font-weight: 400\">The Bitcoin price dropped below $67,000 primarily thanks to its correlation to the US stock market. <\/span><a href=\"https:\/\/app.intotheblock.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">IntoTheBlock data<\/span><\/a><span style=\"font-weight: 400\"> shows that the correlation between the flagship crypto and the S&amp;P 500 is currently at 0.63, which indicates a strong positive price correlation. The S&amp;P 500 and Dow index dropped from their record highs on October 21 ahead of earnings reports.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/analysis\/xrp\/xrp-price-for-this-week\/\">Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect<\/a><\/div>\n<p><span style=\"font-weight: 400\">The stock market drop and the <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-61000-reasons\/\"><span style=\"font-weight: 400\">Bitcoin price crash<\/span><\/a><span style=\"font-weight: 400\"> are believed to be driven by uncertainty in the macro environment. This market uncertainty stems from the rising inflation expectations and concerns about how government spending is contributing to this development. As such, market participants are currently cautious about their next move, with some waiting to see what steps the <\/span><a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/breaking-fed-cuts-rates-bitcoin-and-markets-react-with-a-bang\/\"><span style=\"font-weight: 400\">US Federal Reserve<\/span><\/a><span style=\"font-weight: 400\"> will take to keep inflation within their 2% target.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-influence-on-2024-us-presidential-election-bigger-than-expected-survey-finds\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">upcoming US election<\/span><\/a><span style=\"font-weight: 400\"> has also contributed to the market&#8217;s uncertainty, especially with the presidential race between Donald Trump and Kamala Harris looking to be a tight one. It isn\u2019t unusual for traders to wait on the sidelines until after the elections to gain certainty about the market outlook under the new President.\u00a0<\/span><\/p>\n<h2>Other Factors Contributing To The Price Crash<\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-levels-show-potential-for-bullish-trend\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Analyst Justin Bennett<\/span><\/a><span style=\"font-weight: 400\"> cited the \u201copen interest (OI) being at July highs, whales trimming longs and the last week&#8217;s perp-driven rally\u201d as other factors contributing to the Bitcoin price crash. He claimed that these factors alongside the upcoming US elections are what caused the price crash.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Regarding the impact of the US election, the analyst <\/span><a href=\"https:\/\/x.com\/JustinBennettFX\/status\/59811088\" rel=\"nofollow\"><span style=\"font-weight: 400\">noted<\/span><\/a><span style=\"font-weight: 400\"> that the markets usually derisk ahead of the US presidential election, which is now thirteen days away. He remarked that it would have been a \u201ccalamity\u201d if the markets didn\u2019t derisk ahead of time and continued to pump into election night.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-price-prediction\/\">Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019<\/a><\/div>\n<p><span style=\"font-weight: 400\">Bennett made this statement while noting why he had anticipated a pullback for Bitcoin and other crypto assets. Indeed, the analyst has since last week been stating that the flagship crypto would soon experience a price correction. He had before now mentioned that he wouldn\u2019t be surprised if the BTC price corrects to <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-drops-below-63000-are-geopolitical-issues\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">around $63,000<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a more recent <\/span><a href=\"https:\/\/x.com\/JustinBennettFX\/status\/99817184\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\">, he highlighted the $65,800 range as the first test for the Bitcoin price. A hold above this level could invalidate his trade setup.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, the Bitcoin price is trading at around $67,700, down almost 2% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/4uZb84x4\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price crashes below $67,000 again | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price briefly crashed below $67,000 on October 21, although it quickly reclaimed this level as support before the daily close. This price decline is believed to be due to its correlation with the stock market, which also experienced a drop of its own.\u00a0 Why The Bitcoin Price Dropped Below $67,000 The Bitcoin price dropped below $67,000 primarily thanks to its correlation to the US stock market. IntoTheBlock data shows that the correlation between the flagship crypto and the S&amp;P 500 is currently at 0.63, which indicates a strong positive price correlation. The S&amp;P 500 and Dow index dropped from their record highs on October 21 ahead of earnings reports.\u00a0 Related Reading: Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect The stock market drop and the Bitcoin price crash are believed to be driven by uncertainty in the macro environment. This market uncertainty stems from the rising inflation expectations and concerns about how government spending is contributing to this development. As such, market participants are currently cautious about their next move, with some waiting to see what steps the US Federal Reserve will take to keep inflation within their 2% target.\u00a0 The upcoming US election has also contributed to the market&#8217;s uncertainty, especially with the presidential race between Donald Trump and Kamala Harris looking to be a tight one. It isn\u2019t unusual for traders to wait on the sidelines until after the elections to gain certainty about the market outlook under the new President.\u00a0 Other Factors Contributing To The Price Crash Analyst Justin Bennett cited the \u201copen interest (OI) being at July highs, whales trimming longs and the last week&#8217;s perp-driven rally\u201d as other factors contributing to the Bitcoin price crash. He claimed that these factors alongside the upcoming US elections are what caused the price crash.\u00a0 Regarding the impact of the US election, the analyst noted that the markets usually derisk ahead of the US presidential election, which is now thirteen days away. He remarked that it would have been a \u201ccalamity\u201d if the markets didn\u2019t derisk ahead of time and continued to pump into election night.\u00a0 Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019 Bennett made this statement while noting why he had anticipated a pullback for Bitcoin and other crypto assets. Indeed, the analyst has since last week been stating that the flagship crypto would soon experience a price correction. He had before now mentioned that he wouldn\u2019t be surprised if the BTC price corrects to around $63,000.\u00a0 In a more recent X post, he highlighted the $65,800 range as the first test for the Bitcoin price. A hold above this level could invalidate his trade setup.\u00a0 At the time of writing, the Bitcoin price is trading at around $67,700, down almost 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-649215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Here&#039;s Why The Bitcoin Price Saw Sharp Crash Below $67,000<\/title>\n<meta name=\"description\" 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