#美联储降息 Recently, Bitcoin experienced a significant drop, directly triggering a wave of large-scale liquidations.

First, regarding the price—BTC declined throughout the day, even breaking below the $88,000 mark during intraday trading, with a low of below $87,550. It only slightly rebounded by the morning of the same day. CME futures reported $89,631.8, down 0.89%, while spot prices hovered around $89,000.

The scale of liquidations is quite alarming: in the past 24 hours, total contract liquidations across the entire network reached $270 million, with over 115,700 traders being liquidated. Long positions suffered the most, indicating that the bearish force is indeed very strong.

Why did this happen? Mainly because the Fed's expectation of interest rate cuts suddenly cooled down. The market was still excited about the rate cut, but once that expectation diminished, risk appetite plummeted. Large funds started withdrawing from high-risk assets like $BTC. Additionally, institutions like Standard Chartered Bank lowered their Bitcoin target prices, further damaging market confidence.

From a technical perspective, BTC has broken below the nearly three-week trading range's lower boundary, damaging the short-term structure. To rebound, it must face two strong resistance levels at $89,000 and $90,400. Restoring momentum depends on these two levels. Looking further down, the key support zone is around $85,000—if it breaks below this level, it could trigger a larger sell-off.