PANews reported on October 4 that CryptoQuant posted on the X platform that its platform analysts believe that the liquidation of long positions may have established a local bottom. Although price sentiment remains bearish and technical indicators indicate the possibility of further declines, the liquidation level of long positions in the Bitcoin futures market indicates that selling pressure has eased. During a sharp drop in prices, the number of contracts purchased tends to drop sharply due to liquidations, which reduces the selling pressure in the market. It is reported that more than 4,000 BTC longs were liquidated on October 1, which was the second largest liquidation event in 2024 recorded by CryptoQuant data. Usually these moments of high losses and liquidations will form a local bottom, opening up space for short-term recovery. At present, prices may maintain the current range in the short term, but attention needs to be paid to the strength of buying to reverse the decline.