Taiwan Time, February 5th, around 11:00 PM, Bitcoin’s price suddenly dropped below the $69,000 mark, returning to below the all-time high (ATH) of the previous bull market in 2021.
(Background: Glassnode: Bitcoin falls below true mean, market enters “bear market” phase)
(Additional context: JPMorgan: Bitcoin’s “risk-adjusted” attractiveness far surpasses gold, with long-term explosive potential beyond imagination)
Bitcoin has once again experienced a significant correction! Around 11:00 PM on February 5th Taiwan time, Bitcoin’s price briefly fell below the $69,000 level, dropping back below the previous bull market’s ATH from 2021. This marks the first time in approximately 1,557 days that Bitcoin has lost this level, not only triggering market sensitivity but also raising high concern among investors about whether this cycle is undergoing a structural change.
Breaking Key Psychological Level
$69,000 is considered an important psychological and technical barrier for Bitcoin, as it was the all-time high around November 2021. The recent price drop below this level is seen by some market participants as a sign of weakening bullish momentum, leading to a sharp increase in short-term selling pressure.
Currently, Bitcoin’s price continues to decline, now at $67,430, with a 24-hour drop of about 9%, indicating the market remains highly unstable in the short term.
Ethereum is also suffering, simultaneously falling below $2,000, with nearly a 7% decline in the past 24 hours.
Liquidation Amount Exceeds $1 Billion
The intense volatility has also triggered large-scale leverage liquidations. According to CoinGlass statistics, in the past 24 hours, a total of 226,627 traders worldwide have been forcibly liquidated, with total liquidation amounts reaching $1.052 billion.
This wave of liquidations is predominantly long positions, indicating that during the rapid price decline, market panic spread quickly, forcing some high-leverage funds to exit the market.
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