Historic flash crash: BTC plunged 8% in 24 hours, and market panic reached its peak**

On February 27, 2025, Bitcoin staged a shocking scene: the price fell rapidly from $89,300 to a low of **$82,222**, with a daily decline of more than 8%, setting the largest single-day fluctuation since the beginning of 2025. Data shows that the amount of liquidation on the entire network soared to **$1.23 billion**, leveraged bulls were slaughtered, and the panic index dropped sharply to below 20 (extreme fear area).

**Key trigger analysis**:

1. **Technical resonance selling pressure**: BTC previously failed to stand firm at the psychological level of $90,000, and the 4-hour chart formed a "head and shoulders top" structure, triggering a wave of programmatic trading selling.

2. **Macro liquidity tightening**: The Fed's hawkish rhetoric heated up, risk assets were collectively under pressure, and technology stocks and cryptocurrencies fell in tandem.

3. **Miner selling intensifies**: As the halving approaches (April 2024), some high-cost miners cash out in advance. On-chain data shows that the miner outflow has increased by 37% in the past 24 hours. #Bybit发布黑客取证报告

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