This morning at 8 o'clock, Bitcoin was pressed down and rubbed.
From 93,000 it fell to 88,500, a drop of 4.3% in one hour.
After that, it continued to decline.
ETH fell 5%, BNB fell 7%, and 220,000 people across the network were liquidated, with 12.2 billion evaporated.
This is not a randomly appearing black swan, but a collective bearish sentiment of a choir level.
High leverage long positions were trampled.
Breaking below the 90,000 key level instantly triggered 15 billion in forced liquidations, a chain reaction of liquidations → prices further accelerated downwards → more liquidations, a typical case of long liquidation. Five core reasons behind this simultaneously exerted pressure:
The Federal Reserve turned hawkish.
The November data was too strong, halving the interest rate cut expectations, the dollar surged, and Bitcoin's correlation to interest rates reached -0.9, with liquidity at a freezing point directly draining the oxygen from high-risk assets.
ETF has seen outflows for 7 consecutive weeks.
Institutions are not bottom fishing; they are continuously withdrawing.
Last week saw outflows of 88 million, the funds that were frantically buying at the beginning of the year are now all dumping.
Regulatory uncertainty.
The U.S. cryptocurrency bill is stuck in the Senate, and domestically there is a renewed emphasis that virtual currencies are illegal financial activities.
Long-term holders sold 800,000 BTC.
Technical aspects are weak.
From the peak of 125,000, it has fallen back 25%, already teetering on the edge. The order book depth has shrunk, and selling pressure breaks through easily, even the Nasdaq's decline can drag BTC down with it. #交易员观察 $BTC
