Odaily Planet Daily reported that Bitfinex Alpha's latest analysis report pointed out that last week, Bitcoin fell from above $126,000 to below $103,310, a drop of 18.1%, triggering the largest liquidation event in the history of cryptocurrency in terms of nominal value.

However, historically, this kind of liquidation-driven market sell-off is often followed by a "mechanical" rebound. For Bitcoin, if it can recover and maintain above $110,000, it will confirm that it has entered a stable phase and open up a rebound target of around $117,000 to $120,000; on the contrary, if it fails to do so, it may face a retest of the $100,000 price area.