Bitcoin "long-short squeeze" triggers $200 million liquidation wave! Analysts: Keep a close eye on the $75,000 key support level

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After experiencing a period of intense volatility and shakeouts, Bitcoin is attempting to find its footing amidst a fierce battle between bulls and bears. According to CoinGecko, as of midday in the Asian trading session, the price of Bitcoin is hovering around $77,733, showing little fluctuation over the past 24 hours. During the earlier U.S. stock market session, Bitcoin attempted to push toward $78,000 but failed, subsequently facing selling pressure that drove the price to a low of $76,685. Looking at the positioning in the derivatives market, this sell-off appears more like a "leveraged shakeout" rather than a precursor to a total market collapse. Data shows that "Open interest," which measures the total volume of unsettled contracts in the market, has remained relatively stable; meanwhile, "Funding rates" have stayed at low levels or even turned negative. This suggests that before the plunge, there was no massive influx of blind, speculative long buying in the market. Tim Sun, a senior researcher at HashKey Group, pointed out: "Before this decline, the market had not accumulated a large amount of leveraged long positions, which means that those forced to liquidate during this downturn were mostly leveraged funds attempting to bottom-fish in the short term." Furthermore, this releases an important signal: we are not currently trapped in a structural bearish reversal. As it stands, the short-term floor for Bitcoin in the $75,000 to $77,000 range remains quite solid. According to CoinGlass, total cryptocurrency liquidations across the network reached $200 million over the past 24 hours, with the ratio of long and short liquidations being nearly evenly matched. However, Tim Sun warned that the greater challenge currently facing the market actually stems from the "macroeconomic environment." With the rise in long-term U.S. Treasury yields, coupled with international oil prices and inflation risks continuing to keep the market on edge, investors are accelerating their exit from risk assets to reduce exposure. He stated: "The market currently lacks a strong incentive to attract new capital." Tim Sun further pointed out that the U.S. 30-year Treasury yield, which recently broke through the 5% mark, is the real pain point suppressing coin prices. When long-term yields rise, it often tightens liquidity across the broader financial market; at the same time, this significantly increases the opportunity cost for investors holding "non-yielding assets" like Bitcoin, thereby placing heavy selling pressure on speculative assets. Looking ahead, the next catalyst that could drive market direction may depend on geopolitical developments. Tim Sun assesses that if tensions between the U.S. and Iran can see a substantial cooling, it would help international oil prices retreat and ease inflation expectations, thereby alleviating the upward pressure on Treasury yields and providing Bitcoin with room for a rebound. Conversely, if yields continue to fluctuate at high levels and geopolitical risks do not subside, Bitcoin may fall into a "defensive range-bound" pattern, retreating to the key support zone of $75,000 to $77,000.

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