Cryptocurrency markets have once again experienced a significant correction, with Bitcoin briefly falling below the psychological level of $75,000 and dropping as low as $74,850, a 24-hour decline of over 4%. Ethereum (ETH) also plummeted simultaneously, down 4.60% within the day, temporarily breaking below the $2,200 support level.
(Previous analysis: Bloomberg analyst Mike McGlone: Bitcoin will still crash to $50,000, silver is expected to drop to $50, and if there is a rebound, it’s best to short.)
(Additional background: Bernstein: Bitcoin may bottom out at $60,000, and there is hope to reverse the downward trend and “start a new cycle” by 2026.)
Around 2 a.m. Taiwan time on February 4, the cryptocurrency market experienced another clear correction, with Bitcoin briefly falling below the $75,000 psychological threshold and dropping to a low of $74,850, a 24-hour decline of over 4%. Ethereum (ETH) also sharply declined, down 4.60% within the day, once again breaking below the $2,200 support level.
According to CoinGlass data, in the past 24 hours, a total of 121,126 traders worldwide have been forcibly liquidated (liquidation), with total liquidation amounts reaching $365 million (just in the past 4 hours, total liquidations approached $200 million). Among them, long positions account for about 70%, indicating that in a panic sell-off, leveraged long positions are heavily踩踏.
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