Analysis: Bitcoin Continues Selling Off, Market Liquidation May Trigger a New Round of Decline

According to Odaily, Bitcoin fell below $67,000, continuing its selling trend over the past week, in sync with the weakness in global risk assets. In the past 24 hours, over $1 billion was liquidated in the crypto market. Data shows that $70,000 is a key liquidity level; liquidity below this point is rapidly thinning. If Bitcoin falls below this level, liquidation pressure could accelerate the price decline to the $60,000 range. Coinglass's liquidity heatmap indicates that concentrated liquidation positions for long positions are creating a short-term price magnet effect, alerting traders to potential volatility risks. (CoinDesk)