Analysis: Bitcoin Continues Sell-Off, Market Liquidations May Trigger New Round of Downward Movement

Odaily News Bitcoin extended its sell-off trend of the past week by falling below $67,000, moving in sync with the weakness in global risk assets. Over the past 24 hours, over $1 billion was liquidated in the crypto market. Data indicates that $70,000 is a key liquidity level; liquidity below this point is rapidly thinning. A break below this level for Bitcoin could accelerate liquidation pressure, potentially driving the price down towards the $60,000 range. Coinglass's liquidity heatmap shows that concentrated liquidation levels for long positions are creating a short-term price magnet effect, alerting traders to potential volatility risks. (CoinDesk)