Recently, the Bitcoin market has been filled with a bearish atmosphere. On the Candlestick Chart, one can clearly see the traces of long-term holders continuously dumping.

Last night, Bitcoin once again fell below $86,000, and my message box was filled with anxious inquiries. One could almost feel the panic in the market from the other side of the screen. A friend who has been following for a long time sent a message: "This time is different; even the most steadfast group is dumping. Can it still be optimistic?"

Today, Bitcoin rebounded slightly after breaking through $85,000, but it has already dropped nearly 30% from its historical high. The entire market is now shrouded in a bear market atmosphere. This drop is indeed unusual — it's not the panic selling from retail investors and short-term traders, but rather those long-term holders quietly exiting.

**Why is this happening? Technical breakdown + Leverage squeeze**

From a trading perspective, this wave of decline exhibits the typical characteristics of a bear market. Bitcoin has dropped from its highs and has decisively broken through the psychological level and technical support level of $100,000, causing the market's technical structure to collapse.

The automatic stop-loss orders set based on this price level were triggered in large numbers, forming the first wave of concentrated selling. This is not due to a fundamental issue, but rather a mechanical reaction of the algorithmic trading system.

What's even harsher is that the bubbles inflated by leverage in the market were quickly burst. When the drop was most severe, over $1 billion in contracts were liquidated across the entire network within 24 hours, with the majority being long positions that were forcibly closed.