Bitcoin reached a high of $69,546 in the early morning yesterday, but "selling pressure began to emerge". After falling below $67,000 late at night, it rose back to around $66,500 earlier this morning, breaking the October 17 low and then rebounding, probably causing many investors to be washed out again.
As of the time of writing, it has pulled back to $67,296, a drop of 2.46% in the past 24 hours. The upward trend of Bitcoin seems to have been interrupted. Whether this is just a temporary correction or the main force wants to first kill a wave when the market sentiment is high, and then pull back closer to the US election, remains to be observed.
Ethereum is even weaker, reaching a high of $2,769 yesterday and continuing to fluctuate downward, currently returning to the $2,640 consolidation area.
$204 million in liquidations across the network in the past 24 hours
According to data from Coinglass, during the Bitcoin decline, there was over $204 million in total crypto liquidations across the network in the past 24 hours, with nearly 63,000 people being liquidated.
Although the liquidation data is somewhat amplified compared to yesterday, it is not too severe historically, and it is speculated that the subsequent volatility may further amplify.
On the other hand, although Bitcoin's open interest on exchanges has fallen back from its all-time high of $40 billion, it is still at a relatively high level, and more violent market fluctuations may occur at any time.
