BTC Drops Below $66,000! $340 Million in Liquidations as Oil Prices Surge and the U.S. Dollar Rebounds Strongly

Bitcoin experienced a sharp correction on March 9, 2026, falling below the psychologically important $66,000 level and trading in the $65,900–$66,300 range during early Asian hours. This move triggered widespread liquidations across leveraged positions, with total liquidations reaching approximately $340 million in just a few hours according to major exchange data aggregators. Long positions bore the brunt of the pain, as sudden downside momentum caught many traders off-guard.
The primary drivers appear to be macro-related rather than crypto-specific. Oil prices surged dramatically due to escalating geopolitical tensions, pushing Brent crude well above $100/barrel and WTI futures following suit. Simultaneously, the U.S. dollar index (DXY) showed a strong rebound, gaining strength as investors sought safety amid global uncertainty. In such environments, Bitcoin tends to behave more like a risk asset, correlating positively with equities and inversely with the dollar during risk-off periods.
For traders, this event highlights the increasing influence of traditional macro factors on crypto price action. Support levels to watch now include $64,000–$65,000 (previous swing lows) and the 200-day EMA around $63,800. A failure to reclaim $68,000 quickly could lead to further downside testing, while a rapid recovery might signal that this was a classic shakeout of weak hands.#FebNonfarmPayrollsUnexpectedlyFall