After Bitcoin hit a high of $66,000 in the early morning of yesterday (30th), it continued to fall in the past 24 hours, falling as low as $62,850 around 7:30 earlier. It was trading at US$63,410 at the time of writing, down 3.05% in the past 24 hours, and has given up nearly all of its gains in the past week.
In addition, since September 20, Bitcoin has touched US$62,400 many times. It is speculated that many investors have placed stop losses at this point. Therefore, it is not ruled out that Bitcoin may further backtest this point. If it falls below quickly After rebounding, there may be a more powerful rise.
Ethereum also hit a low of $2,574 this morning, but the overall decline was smaller than that of Bitcoin, and it had rebounded to over $2,600 by the time of writing.
The entire network was liquidated to US$223 million in the past 24 hours
According to data from Coinglass, in the past 24 hours, the liquidation amount of cryptocurrency across the entire network reached US$223 million, of which long positions accounted for US$183 million, and a total of more than 77,000 people were liquidated.
CryptoQuant: Open interest tops $19.1 billion, bulls squeeze
As for why BTC plummeted? CryptoQuant analysts told The Block: Speculative activity in the cryptocurrency futures market is growing day by day, with open interest reaching approximately $19.1 billion. Open interest has exceeded $18 billion just six times since March 2024, with prices falling each time.
Bitcoin perpetual contracts market data shows a long squeeze in recent hours as long liquidations surge.
A long squeeze occurs when the price of an asset like Bitcoin falls, forcing traders with leveraged long positions to either sell or face liquidation to meet margin requirements.
This selling pressure could push prices further down, triggering additional margin calls and forced liquidations, amplifying downside momentum.
Is it bullish to rise above $66,000?
The blockchain analysis platform Santiment also reminded over the weekend that if you are expecting Bitcoin to hit a record high, you may have to wait until people lower their expectations. The number of bullish views currently greatly exceeds the number of bearish views, but historically speaking, The market always moves in the opposite direction to popular expectations.
