Long position hits 970 million US dollars in 24 hours, BTC drops below 63000, risk release accelerates

The market has just undergone new changes. BTC has rapidly fallen from $63612 to $62932 in the past hour, dropping about $700 per hour and breaking below the key level of $63000. This round of decline directly triggered a large number of long liquidation, with over $138 million of orders being liquidated within the latest hour. In the past 24 hours, the scale of online liquidation has further expanded to 1.435 billion US dollars. Among them, the multi order liquidation was 970 million US dollars, the short order liquidation was 465 million US dollars, and the ratio of long to short liquidation was about 2.1:1. The market is undergoing a clear round of long deleveraging. Let's take another look at a few key indicators. The BTC funding rate has currently fallen to 0.0000438, indicating a significant decrease in the willingness of bulls to chase higher prices; The ratio of long to short accounts has decreased from 1.52 a week ago to 1.41, and the number of short accounts is increasing. Meanwhile, BTC holdings decreased from 103915 BTC to 99262 BTC, a decrease of approximately 4.5%, indicating that some leveraged funds are withdrawing. Simple understanding: Price drops, liquidation increases, and holdings decrease. The current market is more like releasing the leverage accumulated during the previous upward trend, rather than an ordinary oscillation. Today, we will focus on three trading directions. The first one is the short-term trend of BTC. At present, BTC has fallen below $63000, with a focus on the $63200-63400 range above. If the rebound cannot regain a stable position at $63400 and the short-term trend remains weak, focus on $61800 below and further look at $61000. But if the price rebounds to $63800, we need to be wary that the previous decline may become a bearish lure. The second one is ETH weak linkage. The current price of ETH is around $1750, with a 24-hour high of $1813. Compared to BTC, ETH has a larger short-term decline and a weaker market performance. Follow $1780 above and $1700 below. If ETH continues to be weaker than BTC, short-term funds may continue to reduce their risk exposure. Thirdly, gold continues to focus on $4100. Gold is currently fluctuating around $4100-4110. If the 4-hour level falls below $4100, the short-term may further test the $3950-4000 range. Pay attention to the risk level above at $4180. One final reminder. The biggest change in the market today is not how much the price has fallen, but rather the rapid exit of long leverage. When the market enters a high volatility stage, do not chase the rise, nor do you chase the fall without stop loss. Next, let's focus on two positions: Can BTC 63800 USD be recovered and 61000 USD be held. The market is seeking a new balance. Risk Warning: The views, conclusions, and recommendations presented in this article are for reference only and do not constitute investment advice. The market is risky, and investment needs to be cautious.