Bitcoin plummeted over 5% in just 24 hours, falling below $96,000. It dropped significantly from an intraday high of $102,762 to $95,222.

The sharp decline in price triggered panic in the market, with Coinglass data showing that 171,000 people in the cryptocurrency market were liquidated in the past 24 hours, with a liquidation amount reaching $542 million. This indicates that investors' concerns about the market have intensified, with a large number of long positions facing losses, severely impacting market confidence.

Bitcoin spot ETFs experienced continuous large net outflows, with institutional investors withdrawing $600 million from cryptocurrency funds, indicating a significantly heightened cautious attitude among investors and concerns about market uncertainty.

From a technical perspective: The MACD (12, 26) value is 0, indicating a neutral state, showing that Bitcoin's short-term trend is relatively unclear, with both bulls and bears being relatively balanced, and the market is in a consolidation phase. However, considering the current price decline, it seems that the bears have a slight advantage in the short term. From the moving averages, if Bitcoin's price continues to operate below the 5-day, 10-day, and 20-day short-term moving averages, and the short-term moving averages show a downward divergence, then in the medium term, Bitcoin may face further downside risks. The RSI (14) value is 100, the STOCH (9, 6) value is 100, and the Williams % R value is 0, all in an overbought state. When multiple overbought indicators appear simultaneously, the market often becomes prone to profit-taking and selling behavior, leading to a price decline.

1.8

Bitcoin: 97,900-97,400 short, target 96,400-94,000, stop loss 98,400

Ethereum: 3470-3440 short, target 3390-3250, stop loss 3510