In the past 24 hours, the number of liquidations in the market exceeded 145,300, with liquidation amounts reaching 482 million, of which long position liquidations accounted for 360 million. Market sentiment is extremely pessimistic, and some people blindly bottom-fish or hold on during price declines, ultimately leading to large-scale liquidations.
The technical analysis shows that the current market is in a weak phase, and the price of Bitcoin may continue to decline in the short term, especially after the moving averages form a death cross. It is expected that the price will further adjust, and there are no obvious signs of a halt in the current downtrend. After a rebound, it will become an opportunity for shorting.
Morning thoughts:
Bitcoin area 88800-89100 Looking towards 86000-85000
Second Bitcoin area 2210-2230 Looking towards 2100-2070
