Waking up this morning, I saw that institutions reduced their positions to prevent liquidation. It was 78k in the morning, and now it's already 75k, dropping 3k along the way, causing panic among people. The fear index is at 13, indicating extreme fear. No one dares to catch the falling knife anymore. The positions bought at 78k are now trapped, just as I said yesterday that they would definitely be trapped. This wave's bottom is likely around 71k. Damn the market! Any actions to buy long will be trapped. Just be patient and wait.

$BTC started to decline early in the morning, liquidating over 90% of long users. Even the insider big brother couldn't withstand the liquidation, dropping below 80k and the market directly accelerated to 75.7k, just a little short of the 74k I mentioned.

The drop in the early morning took away over 95% of long liquidity, with $2.24 billion liquidated in 24 hours, of which long liquidations accounted for $2.12 billion. $BTC fell by 10% and $ETH by 17%, not to mention the declines in altcoins, resulting in a chain of liquidations during the drop.

Now $BTC and $ETH have stabilized slightly. I bought some long positions at 2420 around 4 AM but didn't dare to buy much more, as the speed and strength of the rebound are very weak. I plan to take profits today and wait until after 6 PM or tomorrow morning's opening. The current position needs to oscillate in the range of 74k-88k for a long time.

Yesterday, I saw many people starting to buy the dip in spot! If you ask me, it's okay to buy some spot, but you will definitely get trapped in the middle. 71k-68k might be the ultimate target this time. Plan your positions well for buying spot and avoid playing with contracts.