Bitui terminal data shows that BTC broke through $69,210 on Tuesday morning, and then quickly fell back. It once fell below $60,000 during the session, and rebounded to above $61,000 as of press time.
Ethereum rose as much as 6.5% to $3,828.81 before erasing all gains and falling to $3,412.64, with other major altcoins such as ADA, DOGE and SHIB down around 10%-12%.
The sharp rise and fall in the market resulted in nearly $1.2 billion in liquidated positions across the entire network.
According to data from CoinGlass, 318,392 traders were wiped out in the past 24 hours, totaling $1.19 billion. Among them, long positions were liquidated at US$878 million and short positions were liquidated at US$310 million. The largest single liquidation order occurred on the Bitmex platform, for the LINK/USD trading pair worth $11.35 million.
Will you continue to adjust?
Will Clemente, co-founder of Reflexivity Research, said on the X platform that Tuesday’s liquidation reminded him of Bitcoin’s trend around Thanksgiving in 2020. At the time, bulls were eyeing an imminent breakout of $20,000 levels, but Bitcoin plummeted after hitting $19,500 and fell to around $16,000 in a short period of time.
"Any dip is about washing away the shackles of high leverage and buying at this point," he said in the X post.
Some analysts warn that conditions could soon cool off as unrealized margins approach extreme levels.
Ed Tolson, CEO and founder of cryptocurrency hedge fund Kbit, wrote: "The market is expected to see a significant adjustment, which may range from 10% to 20%. Any substantial decline will lead to a decline in the crypto perpetual swap market. Cascading liquidations occurred, retail investors poured into leveraged long positions, and the funding interest rate was very high."
He added: “Over the next few quarters, we expect Bitcoin to perform well, but with significant corrections along the way.”
Oppenheimer analyst Owen Lau also said: "The rise is so rapid that we are cautious about a correction, but there are still catalysts to support positive price action in the long term." He added: “As Bitcoin becomes more valuable, it becomes more useful. At higher market caps and daily circulation, it can support larger allocations. Bitcoin’s volatility increases with The continued decline over time allows for the allocation of larger position sizes."
Clara Medalie, director of research at crypto data provider Kaiko, echoed this sentiment, calling the new record "an important psychological milestone" and "a testament to cryptocurrencies' extraordinary ability to rebound and continue to persevere in the face of significant resistance." .
Bull market cycle accelerates
Speculation about Bitcoin's future price direction is rampant, with some analysts wondering whether the recent pre-halving peak has accelerated the usual market cycle.
Historical data shows that it traditionally takes about 500 days for Bitcoin to reach a new all-time high after a halving. This departure from the norm suggests that we may be entering a new era of Bitcoin price action.
The cryptocurrency community remains divided over the impact of the recent price correction and its impact on future market trends. Some analysts believe Bitcoin may experience sideways moves before continuing its upward trajectory.
Meanwhile, there is some speculation that the potential impact of Bitcoin ETF spot inflows and other market factors is a key factor in determining Bitcoin's path forward.
Since the launch of spot Bitcoin ETFs in January, institutions have begun to flock to the industry. These ETFs have achieved record performance in the past six weeks of trading. As of Tuesday’s close, spot Bitcoin ETF trading volume has once again hit a new record. historical record, reaching $10 billion.
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