Today’s early market movement was truly intense. Bitcoin suddenly broke through $92,000, and the panic on the charts nearly froze — various groups were shouting "It's over, it's over." But guess what? A few hours later, the price quietly rebounded above $92,300, as if nothing had happened just moments before.

This kind of extreme volatility might signal danger to newcomers, but seasoned players smell something else. The market never moves without reason; behind every sharp fluctuation lies a strategic game.

# What’s really going on with this move?

**Leverage liquidation is the real story**

Many articles will tell you this is a "normal technical correction," sounding harmless, right? But in reality: during those 15 minutes, over $120 million in long leverage was forcibly liquidated. These liquidations hit the market like dominoes, causing the price to collapse instantly.

To put it plainly, it’s not that the market suddenly turned worse — it’s that too many leveraged positions were kicked out at the same time. Their forced liquidation orders became selling pressure, pushing the price down naturally. That’s the brutal truth of derivatives trading — the market periodically cleans out overly risky positions.

**The $92,000 level is no coincidence**

The quick rebound shows someone is defending this level. Checking on-chain data reveals that nearly 270,000 BTC changed hands around $92,000 in the past two weeks. What does such a large volume mean? It indicates that big capital’s cost basis is right here.

They aren’t holding this level out of faith; they’re doing it because breaking below it could trigger a larger chain of liquidations. So what you see as "strong support" is essentially a self-protection mechanism by capital.

**Institutional entry doesn’t mean a one-sided rally**

Recently, there has indeed been a large influx of institutional funds into the market, and that’s a fact. But there’s a detail many people overlook: more than 90% of this money is actually through...

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