BTC has fallen back to around $83K , with nearly $700 million in liquidations over the past 24 hours, most of them long positions.

What’s worth watching in this drop is that leverage appears to be getting flushed out.
The short-term macro environment is also unfavorable: oil prices and U.S. Treasury yields are both rising, putting pressure on risk assets across the board.
But from another perspective:
The clearing of leverage is often also the beginning of a market reshuffle.
Don’t rush to guess the bottom.
Watch who stops falling first, who sees volume return first, and who can bring market sentiment back.
The real major moves in crypto often don’t come from the drop itself—they emerge after the excess positions have been washed out.