The cryptocurrency market plunged again at midnight today, with Bitcoin briefly hitting 92,500 USD, marking a new low for this year, and Ethereum nearly falling below 3,200 USD. In the last 24 hours, the total liquidation amount reached 570 million USD, affecting over 212,000 people.
Around 1:30 AM today, Bitcoin quickly spiked to 92,500 USD, setting a record low for 2025. However, it seems to have reached the target price of the bears, after which Bitcoin started a rebound, reporting 95,120 USD before the press time, with the decline in the last 24 hours narrowing to 1.84%.
If it can continue to oscillate around 95,000 USD for some time before moving upwards, then 98,000 USD is speculated to be the stop-loss point for many bears, potentially targeting their positions.
It was said yesterday that Bitcoin's significant recent correction has entered a potential 'head and shoulders' pattern. Currently, the neckline support level for Bitcoin is around 91,500 USD. If the price falls below this level, it may confirm the 'head and shoulders' pattern and trigger a technical sell-off, with a target price potentially dropping to 75,000 USD.
Ethereum is firmly holding at 3200 USD.
At the same time, Ethereum briefly dipped to 3208 USD, rebounding to 3342 USD before the press time, down 1.61% in the last 24 hours.
In the last 24 hours, 570 million USD 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 USD, with long positions liquidated at 438 million USD being the majority, and short positions liquidated at 136 million USD, affecting over 212,000 people.
The cryptocurrency financial service platform Matrixport reported yesterday on social platform X that with Trump's presidency, global liquidity measured in USD has begun to tighten, and Bitcoin may enter a consolidation phase.
The fluctuations in global liquidity may put certain pressure on Bitcoin. Historical data shows that changes in liquidity usually lead Bitcoin price movements by about 13 weeks. With the strengthening of the US dollar since Trump's presidency, global liquidity measured in USD has begun to tighten, suggesting that Bitcoin may enter a consolidation phase soon.
However, Matrixport also added that this consolidation may be short-lived, as Bitcoin still shows positive long-term potential in the long run.
