According to CoinGlass data, more than 81,000 people were liquidated in the virtual currency market in the past 24 hours, with a total liquidation amount of about US$210 million (about RMB 1.5 billion). On the afternoon of July 8, the price of Bitcoin rebounded. On the morning of July 9, it was 56,544.10, and the decline narrowed to 1.58%.

Investor views and market sentiment

Some investors said: "Bitcoin has been repeatedly switching between ups and downs recently. Excessive prices make Bitcoin dangerous. Market sentiment reversals often happen in an instant, and money evaporates faster than water." eToro market analyst Josh Gilbert also supports this view. He believes that the current negative news is far greater than the positive news. It is expected that the price trend of Bitcoin will further deteriorate in the next few days. The price will be relatively weak in the short term and test the level of US$50,000 or even lower. US$52,000 will be the key battlefield for bear and bull markets.

Future expectations and market analysis

Andrew Kang, co-founder of crypto venture capital firm Mechanism Capital, is more pessimistic. He believes that Bitcoin may experience an extreme correction to the US$40,000 range. This expectation is based on the high volatility and uncertainty of the current market. Analysts believe that as market sentiment changes, Bitcoin prices may continue to experience sharp fluctuations, and investors need to remain cautious.