The nearly 10% drop of Bitcoin did not stem from a major macro shock. It started from the market structure. The $84,600 level was eroded and then breached — not just a technical support but a threshold of confidence where the concentration of long-term held coins is the thickest.
When this area broke, spot selling appeared first, causing an imbalance in the market. Leverage was not the root cause, but became a catalyst. Long positions were liquidated en masse, with nearly 800 million USD swept, pushing the price down faster in a structure that was already weak.
The key point lies here: this is not panic, but a repricing of risk. When confidence breaks, liquidity pulls back, and the market is forced to find a new equilibrium. If BTC does not soon regain key on-chain levels, the scenario of a deeper retreat is entirely plausible.
BTC
70,405.46
+8.51%