#打榜优质内容 The myth of digital gold is facing a severe test, as the chain reaction of the leverage bubble burst engulfs the entire Crypto Assets market. An alarming scene unfolded in the overnight Crypto Assets market. In the early hours of September 26, Beijing time, the price of Bitcoin plummeted sharply, briefly falling below $108,000, and finally closing around $109,000, setting a new low in nearly three months.

This fall caused Bitcoin to officially break below the key psychological support level of $110,000. Ethereum's decline was even more severe, once dropping below the $4,000 mark, reaching a low of $3,822, marking a seven-week low. Market panic quickly spread throughout the Crypto Assets sector. Mainstream altcoins such as Solana and Dogecoin generally suffered heavy losses, with over 250,000 people liquidated globally in the past 24 hours, totaling $1.155 billion in liquidations.

Reason for the fall: Multiple factors combined, market confidence is undermined!
The recent fall is the result of multiple factors working together.
The drastic fluctuations in the Bitcoin network's computing power are one of the significant inducements—on September 23, the Bitcoin hash rate plummeted from 98 million TH/S to 57.7 million TH/S. Although it partially recovered afterward, it still raised market concerns.
"The decline in hash rate may indicate increased selling pressure from miners," explained a blockchain analyst. "A decline in hash rate often precedes a price drop, which may result from miners selling part of their Bitcoin reserves to maintain operations."
Regulatory factors cannot be ignored. Recently, the Sichuan province of China has conducted key law enforcement inspections on blockchain operating companies, which some market participants view as a potential bearish factor.
On a macro level, despite the Federal Reserve's decision to cut interest rates by 25 basis points at the September meeting, market sentiment remains influenced by factors such as the U.S. Congress's funding process, the risk of government shutdowns, and the Trump administration's trade policies, leading to an overall suppression of risk appetite.
Technical Analysis: Key support levels are being tested as the market seeks a new balance.
From a technical analysis perspective, the $107,250 level for Bitcoin has become a key support level. This level is viewed as a strong support zone over the past three months and the average holding cost line for institutional ETFs. If it is breached, it may trigger a new round of selling.
In terms of resistance levels, $110,700 has become the first significant obstacle for Bitcoin's rebound. Several analysts point out that only by successfully reclaiming this position can the market possibly regain confidence.
On the Ethereum side, $3800 is a key psychological level and a dual support level of the 200-day moving average.
"$3800 is critical for Ethereum," said a technical analyst. "If it can hold, there may be a chance for a rebound; if it fails to hold, the next support level will be around $3500."
Derivative data also shows that the open interest in Bitcoin and Ethereum futures has significantly decreased, indicating that investors are rapidly deleveraging, which may create conditions for market stabilization.
Market Outlook: The market has entered a consolidation phase, but the long-term prospects remain optimistic.
Despite the short-term market performance being weak, many institutions still have a positive outlook on the long-term prospects of Crypto Assets.
"The current adjustment is healthy and necessary," a senior strategist said, "it helps to clear excessive leverage and lays the groundwork for the next round of gains."
The Federal Reserve's interest rate cut cycle is generally favorable for risk assets, but this positive factor takes time to manifest. The correlation between the crypto assets market and traditional financial markets is increasing, and the direction of the macro economy will directly impact capital inflows.
For investors, it is crucial to pay attention to the support level of Bitcoin around $107,250. Analysts generally believe that market sentiment remains cautious until clear signals of a halt in the fall appear.
"The market needs time to digest the recent fall and find a new balance point," said an investment manager. "Volatility will remain high, and investors should control their position sizes to avoid excessive leverage."