After hitting a record high of $99,588 over the weekend, Bitcoin began to fluctuate downward. It started a large correction from $98,500 around evening yesterday, and reached a low of $95,734 at midnight.
As Bitcoin falls, according to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations reached US$506 million, with long positions liquidating US$380 million, accounting for the majority, and short positions liquidating US$126 million, with more than 199,000 people being liquidated.
Bull markets often see sharp falls. In the history of Bitcoin bull markets, a 30%-40% fall in the middle is normal. If it is a sharp fall from $100,000, a 30% fallback will bring it to $70,000, and a 40% fallback will bring it to $60,000. Please note that this is just an example, and it does not mean that it must fall to $100,000. It is also possible to pull it up first and then fall it down.
It mainly depends on how much benefit there is from the price cut, that is, how much long leverage can be blown up. The more it blows up, the greater the benefit. In comparison, the correction in the past few days is simply not worth mentioning. So the effect of the wash is also limited. The most fundamental reason is that the long leverage has not actually kept up. The institutions that came in are all learning the off-market zero-interest leverage that Micro Strategy has developed, and the on-market price cuts can't kill them at all.
Bitcoin is still maintaining a narrow range of fluctuations. It fell back to around 9w6 last night, and it is only less than 4 points from the highest point. So far, it still conforms to the previously mentioned trend of "Bitcoin first fluctuates in a narrow range and then fluctuates in a wide range". It will not attack the 10w mark before it falls back to 9w.
When Bitcoin has finished its shock adjustment and begins to break through 10w, it will also be the acceleration stage of this bull market. It is the most fomo stage, when the leeks outside the market rush into the market. The reason why I have always said that Bitcoin will not break 10w at this time is this, 10w should be kept to attract new leeks. Ethereum/altcoins are not idle either. During the period of Bitcoin shock, they will keep raising their own water level.
The rotation of altcoins and the script of the altcoin market are becoming clearer and clearer. After the MEME sector ends, the rotation will be to the big public chains of old coins, followed by the metaverse and some defi. There will be many plots of three times the increase in ten days. This wave of old coin rotation has not ended yet, and the old hooligans who have been working hard for several years need to cash out. Old coins are just the appetizers of this wave of altcoin season, and the real protagonists of the altcoin season are still quietly raising the water level.
Every round of bull market, the crazy performance of cottage industry is in the acceleration stage of Bitcoin. Every time the market pulls back, you see fear, I see opportunity. You study what to buy every day, I study how to maximize capital efficiency every day. Learn the first step first, overcome fear.
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