Finished writing the draft around seven o'clock, and after a while, I found that it had dropped to 72000$BTC 😓 I wrote another piece, and now it only has 71000
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Ranzsrxyz
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3.18 Market Review: Is the pullback to $72k a false breakdown or are institutions reeling in?
The current market is very stiff.$BTC After surging to $75,900 with increased volume, it quickly fell back, and the current price is undergoing a pressure test at the $72,000 integer mark. Many people think this wave will cool off, but from the on-chain and macro data, it looks more like a 'targeted elimination' against highly leveraged long positions.
Regarding the current situation of liquidations and leverage, according to CoinGlass's data on liquidations across the network in the past 24 hours, the total liquidation amount has surged to $609 million. The most critical point is that despite the price drop, the liquidation ratio for short positions remains very high (close to 80%). This means that at the position of $75k, after the shorts were forcefully liquidated, the market lost its upward 'fuel', leading to the current pullback at $72k due to long liquidation.
Regarding the current situation of liquidations and leverage, according to CoinGlass's data on liquidations across the network in the past 24 hours, the total liquidation amount has surged to $609 million. The most critical point is that despite the price drop, the liquidation ratio for short positions remains very high (close to 80%). This means that at the position of $75k, after the shorts were forcefully liquidated, the market lost its upward 'fuel', leading to the current pullback at $72k due to long liquidation.