The market is entering a dangerous phase.

In the past 24 hours:
Total crypto market cap down 2.93%
Liquidations across the network: $116 million
Of which $95 million are longs
High leverage is amplifying a normal correction into a chain reaction of sell-offs.
More importantly:
The correlation between the crypto market and the S&P 500 has reached 86%.
This means
BTC is increasingly resembling a macro asset rather than an independent market.
Meanwhile,
CMC's Fear and Greed Index has fallen to 19 (Extreme Fear).
Market sentiment is rapidly cooling down.
The two most critical price levels now:
$71,000 — the zone longs need to reclaim
$67,500 — the next key support
If it breaks below here,
The market could face a new round of liquidity liquidations.
What truly determines the market direction next may not be technical analysis, but:
The capital flow into the US spot BTC ETF.
If institutions start buying again,
This correction could end quickly.
If not...
The market may enter a deeper correction.
Where do you think BTC will go first?
A: Reclaim 71K
B: Drop back to 67K
C: Break through 74K directly
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