Investors are beginning to take profits in the cryptocurrency market, causing the price of Bitcoin to fail to break through the $100,000 barrier, declining from yesterday to $93,000. On the other hand, in the past 24 hours, due to the forced liquidation of long positions, the total liquidation in the cryptocurrency market reached $337.6 million, leading to stronger selling pressure, mainly from cryptocurrency exchanges offering high-leverage contract trading.

Analysis indicates that, in addition to the liquidation of leveraged positions, long-term investors have also become another major source of selling pressure. According to Glassnode data, investors holding for 6 to 12 months are selling large amounts of Bitcoin, with their average cost being only 71% of the market price (approximately $57,900) due to the rapid price increase. These investors capitalized on the surge of Bitcoin from $74,000 to $99,000, successfully taking profits.

Currently, the buying and selling forces in the market have reversed, shifting from a short-term bullish sentiment to a growing bearish sentiment. As liquidations increase, short positions in the market have significantly risen, with the borrowing rate climbing from 0.019 to a peak of 0.04, indicating that trading activity is quite active. We are still observing when this wave of correction will end, but it can be expected that after overheating, the market will need to rest for a period.