Bitcoin took a big tumble today. This wave of decline is mainly due to those who were previously bullish and long-term holders starting to sell off, and the market is struggling to hold up. Next, it will depend on whether there are new buyers willing to take over at low prices to give the market a lifeline.

Originally, everyone was hoping Bitcoin could break through the $100,000 mark, but it ended up playing itself into a corner, now being heavily pressured by bearish forces. This drop has shaken the entire crypto world, and many traders' wallets have been completely wiped out.

According to statistics, during this wave of decline, the total liquidation amount across the network reached $551 million, affecting tens of thousands of people, with one large order on Binance alone losing over $4.67 million—truly a sight to behold.

With massive sell-offs, the market has become chaotic. Especially in Boston, waves of selling continue, with trading volumes on centralized exchanges skyrocketing, particularly for those trading perpetual futures, causing market liquidity to nearly dry up. The trading volumes for BTC/USD and BTC/USDT have surged, and the entire market is on the brink of losing control.

In addition to those who were bullish and got liquidated, the long-term holders are also getting restless and starting to sell Bitcoin. They have a low cost basis and have made a decent profit; now that the price seems about right, they are beginning to cash out.

Analysts say that when these big players start to sell, market sentiment worsens, especially when Bitcoin is nearing its peak, as everyone wants to sell a bit for some extra cash. This, in turn, increases the selling pressure in the market.

Now the market's direction has changed, and the balance of power between buyers and sellers has been disrupted. Funds have shifted from bullish and leveraged buyers to bearish sellers. Financing rates have also increased, indicating that everyone anticipates Bitcoin will continue to fall.