Direct triggering factors:
Gold prices fluctuated sharply: Gold once soared to $5600 before quickly retreating below $5200, with a nearly 10% drop triggering market panic
U.S. tech stocks plummeted: After Microsoft's earnings report, it fell over 11%, and the Nasdaq briefly dropped 2.6%, putting pressure on risk assets overall
Market level:
Technical breakdown: Bitcoin fell below the 100-week moving average support level (approximately $85000) that it had maintained for two months, triggering a large number of stop-loss orders
Chain reaction of leveraged liquidations: Over 220,000 people were liquidated in the past 24 hours, with a liquidation amount reaching $1.75 billion, exacerbating the downward trend
Changes in capital flow: Some crypto companies have announced plans to shift 10%-15% of their portfolios into physical gold
Macroeconomic factors:
Geopolitical tensions (uncertainty in US-Iran relations)
Changes in Federal Reserve policy expectations
Closing of yen carry trade
Current status:
Bitcoin has dropped nearly $10,000 from its peak, with a low of $81,000
The next key support level is looking towards $75,000 (the support level from last April's buying activity)
Technical indicators suggest a potential further dip to the 200-week moving average (around $58,000)
This plunge is the result of multiple overlapping factors, including technical breakdowns, macroeconomic influences, and market sentiment.$BTC
