The cryptocurrency market plunged again at midnight today, with Bitcoin briefly dipping to $92,500, hitting a new low for the year, and Ethereum nearly dropping below $3,200. The total liquidation amount in the last 24 hours reached $570 million, with over 212,000 people liquidated.
Today (9th) at around 1:30 AM, Bitcoin quickly dipped to $92,500, setting a new record low for 2025. However, it seems to have reached the bears' target price, and Bitcoin subsequently started a rebound, reporting $95,120 before the deadline, with the drop in the last 24 hours narrowing to 1.84%.
If it can sustain fluctuations around $95,000 for a while before continuing upward, then the $98,000 level is speculated to be the stop-loss point for many bears, which may trigger a hunt for their positions.
According to a report from Dongqu, Bitcoin's recent significant correction has entered a potential 'head and shoulders' pattern. Currently, Bitcoin's neckline support level is approximately $91,500. If the price falls below this level, it may confirm the 'head and shoulders' pattern, triggering a technical sell-off with a target price potentially dropping to $75,000.
Ethereum is holding steady at $3,200.
At the same time, Ethereum briefly dipped to $3,208, rebounding to $3,342 before the deadline, down 1.61% in the last 24 hours.
In the last 24 hours, $570 million was liquidated.
On the other hand, according to Coinglass data, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached $574 million, with long positions liquidating $438 million dominating, and short positions liquidating $136 million, affecting over 212,000 people.
Cryptocurrency financial service platform Matrixport released a report on social platform X yesterday, stating that as Trump took office, global liquidity in U.S. dollar terms began to tighten, which may indicate Bitcoin could enter a consolidation phase.
Fluctuations in global liquidity may put some pressure on Bitcoin. Historical data shows that changes in liquidity usually lead Bitcoin's price movements by about 13 weeks. With the strengthening of the U.S. dollar after Trump took office, global liquidity in U.S. dollar terms began to tighten, suggesting that Bitcoin might enter a consolidation phase soon.
However, Matrixport also added that this consolidation may be short-lived, as Bitcoin still shows positive long-term potential.
