BTC Bulls Defeated, 108,000 Level Lost; Three Major Liquidation Triggers Emerge
Veteran crypto traders were collectively awakened by their phones — BTC plummeted from a high of 108,200, piercing through the 107,500 support level in 15 minutes, hitting a low of 106,210, with an intraday fluctuation of 2.7%. This surge in selling pressure caused exchange servers to freeze instantaneously, and liquidation alarms echoed through the community. As a seasoned trader who has experienced three bull and bear markets, I must say this drop is more perilous than anticipated.
Regulatory Iron Fist + Institutional Dumping: A Double Whammy Triggers a Stampede
Coindesk reported an urgent news early morning: the U.S. SEC officially sued Coinbase for illegally listing 130 types of security tokens, causing Grayscale's GBTC to drop by 14%. More devastatingly, MicroStrategy announced the sale of 500 BTC for cash, and this "crypto Moutai" directly shattered the bullish psychological defense line. BlackRock's spot Bitcoin ETF application was postponed by the SEC for three months, giving Wall Street's major short sellers an opportunity to increase leverage to four times.
Technical Breakdown: Beware of Death Spiral
Currently, BTC has fallen below the crucial Fibonacci retracement level of 10,800, with the MACD histogram showing an epic divergence and the RSI indicator diverging to 28. On-chain data shows that net inflows to exchanges surged by 42%, and mid-tier addresses holding 1-10 BTC have seen a net outflow of over 12,000 coins for three consecutive days. If the support zone of 10,500 is breached, it could trigger a chain liquidation of over 300,000 BTC long positions.
Gold's Anomaly Exposes Systemic Risk
Spot gold plummeted by 3.5%, while the U.S. dollar index rose by 1.2% against the trend. This synchronous crash of safe-haven assets and risk assets suggests that large whales are selling digital assets to switch to fiat currency. Coupled with a 22% drop in Bitcoin futures positions on the CME, this indicates that this is a cross-market deleveraging chain reaction rather than merely a bull-bear battle.
Market Forecast and Survival Guide
In the short term, the 10,400-10,600 range is packed with trapped positions from the 2021 bull market, requiring over $30 billion in capital to break through. Investors are advised: 1. Pause all leveraged operations 2. Check margin accounts to maintain collateral ratios 3. Monitor whether the VIX fear index breaks the 40 red line. Need help? Comment to receive support from a top-notch team.
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