Bitcoin has not been able to break the $80,000 level. Since yesterday, it has been moving around near $80,000 and eventually dropped below, resulting in a large liquidation in the futures market.

According to the information received, it seems that about $300 million worth of futures positions were liquidated at once. As the price fell below $80,000, long positions were stopped out. When such a large-scale liquidation happens all at once, it usually triggers a vicious cycle where the price drops further.

The market sentiment seems to be somewhat weak right now. $80,000 acted as resistance, but it was ultimately broken through. We will have to watch to see how far it drops from here.