Bloodbath! BTC falls below the 100,000 mark, creating the second biggest dump of the year, ETH experiences a big dump of 10%, with 1.3 billion in liquidations presenting both crisis and opportunity.

The price of Bitcoin has fallen below the key psychological and technical level of 100,000 USD, marking the first time since June that it has breached this level and penetrated the 200-day moving average, recording the second-largest single-day decline of the year; Ethereum has also sharply dropped over 10%, leading to intense turbulence in the cryptocurrency market.

According to Coinglass data, the number of liquidations across the network in the past 24 hours reached 342,000, with a total liquidation amount exceeding $1.3 billion, of which long liquidations accounted for as much as 85%, with bulls suffering a "massacre."

Macroeconomic headwinds dominate the sell-off, exacerbating the liquidity crisis.

The core driving force behind this round of big dump points to a shift in Federal Reserve policy: Powell's hawkish remarks last week diminished expectations for a rate cut in December, reinforced the narrative of "long-term high interest rates," strengthened the dollar, and directly suppressed the valuations of non-yielding assets like Bitcoin.

The outflow of funds further worsens market liquidity: Over the past four trading days, net outflows from Bitcoin and Ethereum-related ETFs exceeded $1.8 billion; the open interest of Bitcoin perpetual futures has decreased by 30% from the peak in October, with leveraged funds accelerating their exit and speculative enthusiasm significantly cooling off. Coupled with the aftermath of large-scale liquidations and protocol vulnerability incidents in October, the fragility of the market is highlighted.

Technical breakdown combined with emotional freezing point, the downside risk still exists.

$100,000 is not only a psychological barrier but also a key technical support level. Analyst Damian Chmiel warns that if the price stays below this level, it could trigger a new round of panic selling, with the next bearish target directly pointing to the April low of $74,000, indicating a potential downside of about 30%.

Market sentiment has fallen to freezing point, and the cryptocurrency fear and greed index has entered the "extreme fear" zone. From a technical perspective, Ultima Markets analyst Elon Gu pointed out that BTC must first reclaim the 21-day EMA and the trading volume concentration area at $111,000 in order to reverse the downturn, with $116,000 above becoming an important resistance level. Currently, BTC is decoupling from global liquidity, and its relative gold ratio has retreated to around the key support level of 25.

Counter-trend bottom fishing and on-chain signals, the bulls still have a glimmer of hope.

In the midst of market panic, contrarian investors have already taken action: Strategy Company announced an increase of 397 BTC, costing approximately $45.6 million, with a current total holding of 641,200 BTC and an average cost of $74,000. Wall Street bulls also maintain a long-term optimistic outlook, with Fundstrat's Tom Lee reiterating that despite severe short-term volatility, he still predicts BTC could soar to $150,000 to $200,000 by the end of 2025.

On-chain indicators reveal a turning point signal: CryptoQuant data shows that the Stablecoin Supply Ratio (SSR) has fallen back to the 13-14 range. Historically, this level has often marked liquidity turning points, suggesting that off-exchange buying power is accumulating, which may lay the foundation for a subsequent rebound. However, it is important to be cautious, as historical data indicates that the strength of SSR rebounds has been continuously weakening, and the underlying market liquidity momentum may have diminished.

The current market is at a critical point of long and short struggle, and whether the support level of $96,000 can hold becomes the short-term focus. Is it a layout window after a panic fall, or the beginning of a deep correction? The market is waiting for a clear signal. #参与创作者认证计划月领$10,000