BTC ETH Analyzing some data: Pic 1 & Pic 2: On Binance perpetual contract trading pairs alone, over $1 billion in long positions for Bitcoin and Ethereum were forced to capitulate. Bitcoin long capitulation happened below 83, while Ethereum long capitulation occurred below 2600. Pic 3: Bitcoin longs on spot margin trading hit their stop-loss near their cost line at 83 yesterday, and later started buying back around 78. Pic 4: Ethereum longs on spot margin trading had it worse. They didn’t stop-loss yesterday, which led to their spot margin positions between 2700-2800 being almost entirely forced to stop-loss below 2600. Currently, it seems that both in the contract market and the spot margin market, the early-entry longs have almost been wiped out, either through forced liquidation or stop-loss. As a result, the price has temporarily stabilized because the liquidation pressure on longs is much lower than before. Next, Bitcoin will confirm its bottom around 75, and Ethereum around 2200. If the price stabilizes, a new consolidation range will form. If not, the main short players will start targeting low-leverage institutions to force them out.