Bitcoin's big dump wipes out the annual rise: liquidity retreat and leveraged liquidation trigger the "jumping machine" market.

Recently, Bitcoin has experienced a "roller coaster" style big dump, falling below the 90,000 mark to 89,000, which not only wiped out all gains for this year but also marked the first time in three years that it has fallen below the long-term trend line and the 60-day moving average, indicating a fundamental shift in institutional capital sentiment. Since the high in October, it has accumulated a fall of over 20%, officially entering the bear market zone.

This big dump stems from three core factors: first, the reversal of the Federal Reserve's interest rate cut expectations in December (the probability dropped sharply to 32.8%), tightening liquidity expectations led to a capital withdrawal; second, after being "recruited" by Wall Street, Bitcoin has become strongly tied to the tech stocks in the US stock market, making it difficult to stand out on its own; third, the high leverage characteristic amplifies the decline, with cumulative liquidations exceeding $20 billion since October, and forced liquidations triggered a chain reaction.

Currently, the key support level is $93,000. The direction of the market will be determined by the Federal Reserve's policies, fluctuations in the U.S. stock market, and the progress of deleveraging.
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