Why BTC is going down?🧨❌🚫‼️

What happened: In 1 day, $126M of trades were forced to close (liquidations) because bets on Bitcoin going up were wrong. Most of these were long bets. 💥📉

Why it happened: Huge borrowing for those contracts made them very leveraged. When Bitcoin dropped, those bets went boom. 💳⚠️

How it affected prices: Too many people were betting on a rise, so once BTC fell below about $115K, losses piled up fast for many traders. 📉😬

What to watch next: If Bitcoin slides to around $112K, more liquidations could happen. 🔎💸

Big picture note: The total value of perpetual futures open was around $911B, showing extreme leverage in the market. 🏗️💼

Quick technical hint: Some traders watch the 38.2% Fibonacci retracement level, which here lines up with a market cap around $3.84T as a potential support zone. 📐💎