Why did Bitcoin dump from $126K to $60K (-53%) without major bad news?
It’s not just macro pressure.
Today, Bitcoin’s price is heavily driven by derivatives, not just spot buying and selling. Futures, perpetuals, ETFs, options, and leveraged positions create synthetic exposure that moves price without actual BTC changing hands.
Large short positions, long liquidations, and leverage cascades can push price down fast — even if real holders aren’t selling.
At the same time, we’re seeing:
• Global risk-off across markets
• Geopolitical tensions
• Shifting Fed liquidity expectations
• Weak economic data
• Institutional positioning unwind
This isn’t retail panic. It looks structured and derivative-driven.
Until leverage, liquidity expectations, and macro pressures stabilize, sustained upside will remain difficult — even if short-term relief rallies happen.