Bitcoin nearly fell below $92,500, Ethereum dipped to $3,200; has the rebound started?

The cryptocurrency market plunged again at midnight today, with Bitcoin briefly dropping to $92,500, marking a new low for the year, and Ethereum nearly falling below $3,200. The total amount of liquidations across the network in the past 24 hours reached $570 million, with over 212,000 people being liquidated. (Background: Bitcoin's 'head and shoulders' pressure formation is taking shape; analysts say if key support is lost, it could drop to $75,000.) (Additional background: Bitcoin fell to $96,000, NVIDIA plunged 6%, dragging down U.S. stocks; the Federal Reserve may only cut interest rates once this year?) Around 1:30 AM today (19th), Bitcoin quickly dipped to $92,500, setting a record low for 2025. However, it seems to have reached the target price for short sellers, as Bitcoin then began to rebound, reporting at $95,120 before the press deadline, with the near 24-hour drop reduced to 1.84%. If it can continue to oscillate around $95,000 for a while before moving upwards, the $98,000 level is speculated to be a stop-loss point for many short sellers, suggesting a possible hunt for their positions. According to a report from Dong Zone yesterday, Bitcoin's recent significant pullback has entered a potential 'head and shoulders' formation. Currently, Bitcoin's neckline support level is around $91,500. If the price falls below this level, it could confirm the 'head and shoulders' pattern, triggering a technical sell-off with a target price potentially dropping to $75,000. Ethereum holds firm at $3,200. At the same time, Ethereum briefly dipped to $3,208, rebounding to $3,342 before the press deadline, with a near 24-hour drop of 1.61%. In the past 24 hours, $570 million in liquidations occurred. On the other hand, according to Coinglass data, the total amount of liquidations across the cryptocurrency network in the past 24 hours reached $574 million, with long positions liquidating $438 million, while short positions liquidated $136 million, affecting over 212,000 people. The cryptocurrency financial service platform Matrixport released a report yesterday on social platform X, stating that with Trump taking office, global liquidity measured in U.S. dollars has begun to tighten, suggesting that Bitcoin may enter a consolidation phase: The fluctuations in global liquidity may put some pressure on Bitcoin. Historical data shows that changes in liquidity typically lead Bitcoin price trends by about 13 weeks. With the U.S. dollar strengthening after Trump's inauguration, global liquidity measured in U.S. dollars has begun to tighten, implying that Bitcoin may enter consolidation in the near future. However, Matrixport also added that this consolidation may be short-lived, as Bitcoin still shows positive long-term potential. Related reports: 'U.S. Bitcoin Strategic Reserve' draft bill: managing BTC as a permanent national asset; Bitcoin falls below $104,000; tonight the Federal Reserve's interest rate cut probability exceeds 95%, but will it be delayed until next year? When will Bitcoin surpass gold? Galaxy Digital CEO: historical witness in 5-8 years. 'Bitcoin nearly fell below $92,500, Ethereum dipped to $3,200; has the rebound started?' This article was first published in Dong Zone BlockTempo (Dong Zone Trend - the most influential blockchain news media).