Bitcoin fell below the $90,000 mark again this week, and this wave came a bit hard. Multiple pressures are superimposed - a wave of large-scale liquidations, weak ETF capital inflows, and the uncertainty of the macro environment, the three mountains are pressed down together.

It was hard to climb back to the $94,000 to $95,000 range, and now it has been beaten back to its original form. This is the second major correction this month.

The scale of market liquidations is quite staggering. The cumulative positions of about $500 million on major trading platforms have been liquidated, of which long positions account for about $420 million. This unilateral liquidation often exacerbates price volatility, creating a ripple effect.

To be honest, the current position is quite embarrassing. The technical side has lost key support, and the emotional side has become more cautious because of liquidation. Whether it can regain its position above 90,000 in the short term may depend on whether the flow of funds and market confidence can be repaired in the next few days.