Bitcoin has fallen below $70,000, and my logic for being bearish at the $100,000 mark is being validated.
From frenzy to freeze, the market has confirmed the foresight of being bearish starting from $100,000.
When Bitcoin first touched $100,000 in the fourth quarter of last year, I began to maintain a bearish stance. Now that Bitcoin has fallen below the psychological barrier of $70,000, a decline of over 40% from its historical peak, this fully confirms my judgment at that time.
The core logic is being validated by the market: institutional funds continue to flow out, and the U.S. Bitcoin spot ETF has shifted from being a major buying force last year to a drag, with a net outflow of $1.61 billion in January this year; liquidity continues to tighten, with the total market capitalization of stablecoins peaking and declining; the technical aspect has completely broken down, with Bitcoin falling below key long-term support levels.
The current market has fallen into a vicious cycle of "decline—liquidation—further decline." Over 200,000 people have been liquidated within 24 hours, with a total liquidation amount nearing $1 billion. More critically, the market has not shown obvious bottom characteristics, and many typical features of panic selling have now emerged.
Under the triple pressure of tightening liquidity, institutional withdrawal, and technical breakdown, I believe Bitcoin is unlikely to perform strongly in the short term. Maintaining patience and keeping cash is wiser than blindly trying to catch the bottom.
The market has risks, and investment should be cautious. Do you think Bitcoin will further test the $60,000 mark? $BTC
