After breaking through $8.1 million, it crashed, and the $1.1 billion bulls strengthened
According to Woofun AI, after briefly breaking through the $81,000 mark, Bitcoin quickly reversed, and the price dropped to around $75,000 for a while, leading to severe shocks in the derivatives market. This wave of sell-offs, triggered by leveraged bulls, led to the forced liquidation of positions worth up to 1.1 billion US dollars (about 1.5 trillion won) in one day. Previously, the upward momentum brought about by short recovery was rapidly exhausted. Instead, chain liquidation of long positions was created, creating a typical fluctuating market for derivatives.
Looking at price performance, CoinGlass data shows that at 5:30 a.m. on the 6th, Bitcoin fell 5.13% from 24 hours ago to $76,055. Mainstream currencies were generally under pressure, with Ethereum falling 6.87% and trading at $2,248.72; Solana fell 5.40% to $89.78. Looking back at the previous market, after the US midterm election vote count ended, Bitcoin surpassed $81,000, but the growth rate of unclosed contracts was only 0.3% at the time.
This extremely low increase indicates that the price increase was not due to spot purchases or the entry of new capital, but rather from forced buybacks of previously short positions. This rise without actual buying support is extremely fragile, and once a profitable market comes out, the market quickly collapses.
According to data compiled by Woofun AI, the total amount of forced liquidations in the past 24 hours reached US$1.09 billion, of which 87.7%, or US$952.34 million, came from long positions, while the amount of short positions closed was only US$133.23 million. In the last 12 hours, the amount of closed positions surged to $999.31 million, or nearly 92% of the total closed amount. As prices fall below key support, highly leveraged accounts are forcibly disposed of by market prices due to insufficient margin, creating a vicious cycle. By assets, Bitcoin had the largest liquidation amount of $2.8151 million (with $2.5111 million in longs), followed closely by Ethereum at $173.26 million. Solana closed $37.48 million, while Hyperliquid closed $18.79 million. A total of 211,460 traders were flat throughout the day. Looking at the distribution of exchanges, Binance has the highest share, at 46.2%. The single largest liquidation occurred on the Binance Ethereum Indefinite Futures Market, involving an amount of USD 10.94 million (approximately KRW 15 billion), which is a long position.
The current market focus is on the game of key support levels. CoinGlass data indicates that there is a large amount of pressure on bulls to close positions in the $75,000 to $75,400 range. If the price enters this range, it may trigger more reverse trading and increase downward pressure. On the other hand, the $76,800 to $77,300 range distributes liquidity to close short positions. If the price rises back to the $77,000 level, it is expected to trigger a short-term rebound.
It is worth noting that these closed position data are based on inverse deductions from unclosed leverage data, and are not definitive limit orders. For medium- to long-term trends, $73,000 is seen as the first line of defense. Well-known trader Daan Crypto Trades said that despite a large short-term decline, the price on the weekly chart is still within the main support area. If the closing price falls below $73,000 this week, it may enter a trend decline phase. Bitcoin's actual market average price is around $77,700. Since the current price is lower than the average cost for investors to buy, Bitcoin's ability to hold the $75,000 mark will directly determine whether the market continues to sell off or usher in a technical rebound.