Analysis: The crypto market resists the "falling knife," with liquidations and risk aversion resonating.

According to ME News, on February 6th (UTC+8), Bitcoin hit a new low in approximately 16 months this morning, while Ethereum fell to a low of around $1,750. Both subsequently rebounded, with large-scale deleveraging occurring simultaneously in the on-chain and derivatives markets, and market sentiment quickly shifting to a defensive mode. Analysts point out that this round of decline was caused by a combination of factors, including forced liquidation of excessively leveraged long positions, outflows of institutional funds, and overall pressure on macro risk assets, all triggering a typical "leveraged stampede-style deleveraging." Trading behavior has also changed significantly; the market has shifted from "buying on dips" to waiting for trend confirmation, with funds emphasizing capital preservation. Rebounds often encounter selling pressure, further strengthening short-term downward momentum. The market is generally focused on the support level of $58,000-$60,000. (Source: ME)