Crypto Market Plunges as $650M Liquidated and Bitcoin Targets $70K

The crypto market faced another major blow on December 15, with 24-hour liquidations topping more than $650 million. Bitcoin price has crashed more than 4%, slipping under $86,000 as of press time.

The altcoin correction is even sharper, with Ethereum, Solana, XRP, and DOGE all dropping 5–6%. This pullback highlights broader weakness across the crypto market.

Crypto Market Crashes Before BoJ Rate Hike

After failing to reclaim the $90,000 levels, the Bitcoin price has entered a strong correction once again. BTC has moved lower once again to $86,000 along with broader asset correction, including that for Gold and Nasdaq.

Market analyst Michael van de Poppe noted that the direction of the overall crypto market cap remains uncertain as of now. The analyst added that a similar correction happened in February 2025 without disturbing the broader market structure.

Furthermore, Poppe compared the current setup with the period after the COVID-19 crypto market crash.

This is when the market consolidated for an extended time period before resuming the uptrend. Poppe identifies the key technical levels near $3.2 trillion as resistance and $2.85 trillion as support.

The latest bearish sentiment is building ahead of major macro events this week. Traders are watching the US CPI data and the Bank of Japan’s potential rate hike closely.

Poppe added that the past BoJ rate hikes have coincided with negative market reactions. As per him, the crypto market is already reacting beforehand, in anticipation of a hike.

Next Bitcoin Price Target Stands At $70,000

In his latest post, analyst Michael van de Poppe stated that Bitcoin needs to reclaim $88,000 immediately. Failing to do so could lead to a further correction to $83,800, with a deeper move toward the $80,500 region.

Market analyst Crypto Patel said BTC has faced a strong rejection in the $93,000–$94,000 range. He noted that the Bitcoin price has repeatedly failed to break through this resistance. This reinforces the bearish technical outlook.

Prices must break above the $93,000–$94,000 resistance band. Patel said the trend stays bearish until that happens.

The analyst outlined downside targets at $76,000 and $70,000. They advised traders to stay cautious and manage risk as downside pressure persists.

The analyst pointed out that Bitcoin’s latest selloff has triggered one of the most significant on-chain signals in recent history. The latest Bitcoin price crash led to the largest short-term holder cost basis shift since the 2022 FTX collapse. At that time, Bitcoin traded near $16,000.

This shows that right now is the period of intense capitulation. It highlights strong ownership transfer from short-term holders to longer-term participants.

Crypto Market and Altcoins Correction Intensifies

Amid today’s crypto market correction, altcoins are seeing a steeper fall. Despite showing major strength over the past week, the Ethereum (ETH) price has tanked over 6% and slipped under $3,000.

Similarly, other altcoins like XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), have also corrected by 5-6%. Despite this fall, market experts remain bullish on altcoins for 2026. Crypto analyst Javon Marks noted: