The geopolitical conflict in the Middle East has sharply escalated, igniting global risk aversion. Funds are flooding into oil and gold, while the cryptocurrency market is experiencing a brutal stomp. Over $900 million in liquidations occurred within one hour across the entire network, totaling up to $4.2 billion in 24 hours, with longs facing the strongest liquidation of the year.

Multiple potential selling pressures are resonating: Mt. Gox has transferred over 10,000 BTC; BlackRock transferred 6,005 BTC to Coinbase; Abraxas Capital reduced its holdings by approximately 2,469 BTC. The retreat of institutional funds adds to the already fragile market.

Bitcoin has broken through the critical support level of $63,000, and the bearish structure at the 4-hour level continues to expand. The funding rate has plummeted from 0.01% to 0.0015%, indicating that long leverage has been completely washed out, and market pricing power has fully returned to the bears, necessitating caution against the risk of further declines in the short term.

The current weakness of the market has exceeded expectations, with extremely lacking rebound momentum. With the critical support level thoroughly breached, from a daily chart structural perspective, it is an inevitable trend for the price to decline to the $60,000 threshold. Now, only a time dimension game remains. As anticipated yesterday in the community, this round of Bitcoin's market shows a typical "first drop to show respect" pattern. However, the market hasn't even initiated the most basic corrective rebound, highlighting the strength of the bearish forces.

Combining analysis from the liquidation heatmap, the previously strongest batch of long positions has been thoroughly cleared, and the market has evolved into an extreme one-sided market. The current market is entirely dominated by the whales, and the subsequent trend can only unfold in two ways: one is to directly apply downward pressure, pushing the price into the $50,000 range; the other is to create panic-induced fluctuations, re-cultivating bullish sentiment before harvesting again.

From the microstructure of the hourly chart, the market is clearly exhibiting a step-down characteristic of "yesterday's high is today's top." The current position of $66,500 has formed an effective bearish order block (OB); if price shows rejection or distribution signs in this area, it will further confirm the bearish logic. The current downward trend is very clear, with the immediate short-term target being a valid break below the $62,400 level; once this defense line fails, the ultimate target below will aim directly at the $60,000 line.

Public account: The Bull Says Market

Disclaimer: The content is only a personal review of the market and does not constitute any investment operation advice. Market fluctuations are large, and profits and losses are to be borne by oneself.

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