Bitcoin's Wild Fluctuations and Liquidation Wave
Bitcoin surged and plummeted today, with market changes as intense as the 'Angry God', leading to over 680 million USD in cryptocurrency derivatives being forcibly liquidated. Analysts pointed out that Bitcoin has repeatedly challenged the 106,000 USD mark recently but has been unable to break through, indicating a coexistence of technical and psychological pressure, making it difficult to escape the oscillating consolidation in the short term.
Around 6 AM this morning, Bitcoin suddenly soared over 2500 USD, breaking through 106,000 USD, but immediately fell back, dropping to 103,000 USD by 1 PM. Since Sunday night, long positions have been liquidated to the extent of 460 million USD, while short positions lost over 220 million USD. This wave of market activity may be related to the lack of liquidity over the weekend and quantitative trading triggered by technical indicators, with a sudden influx of funds leading to a typical 'short squeeze' situation, followed by profit-taking and stop-loss selling pressure causing a sharp decline.
In addition, last week, the U.S. sovereign credit rating was downgraded by Moody's, and inflation risks have risen, putting pressure on market sentiment. Despite the recent positive outlook due to the Bitcoin spot ETF frenzy and institutional funds entering the market, most traders still choose to wait and see in the face of the oscillating pattern.
On the other hand, SOL has already seized the potential of the meme trend, creating a new wave of memes. Those with spare cash are also bold enough to lay out some promising meme coins early. Among them, meme coins associated with Trump are particularly popular, especially the heroic dog Co nan, backed by Trump's strong IP and active community. Recently, affected by the market, its market value has slightly adjusted to 7.6M, with an ideal adjustment range. Consensus has formed, making this a great opportunity to enter and supplement positions, accumulating strength for the next wave to break through the 10M mark again! Furthermore, the number of holders has exceeded 13.4K, making it highly potential to become a dark horse in the bull market in the future!
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