🎢 Buckle up, BTC enthusiasts! Bitcoin's price has been on a wild ride over the past few days, causing hundreds of millions in liquidations across the board. 📉 Yesterday, BTC plunged to a low not seen since early May, bottoming out around $58,400 before bouncing back. 💸 This volatility led to a whopping $360 million in liquidations in the futures market in just 24 hours!

Crypto veteran Willy Woo suggests that this was largely due to a long liquidation cascade in the futures market. The initial target was $62.5K, but speculators kept adding to long positions, causing more liquidations. 📊 Another factor? Miners are selling BTC to pay for hardware upgrades, with the least profitable ones closing shop.

But don't fret, BTC fans! 🎉 Woo predicts that short-term technical factors point to a reversal, and indeed, BTC has already bounced back to about $61K. However, Woo cautions that BTC isn't out of the woods yet. It's crucial to see how much speculation got cleared out of the system. Without purging futures open interest, we're not ready to move up. 🚀 Data shows that less than 3% of the BTC open interest has been wiped off in the past 24 hours. So, keep your eyes peeled, folks! 🧐