Coinglass data shows that $1.134 billion was liquidated across the network in the past 24 hours, with $974 million in long liquidations and $159 million in short liquidations, making the long liquidation ratio as high as 85.9%, setting a new record for the year. A total of 217,724 people were liquidated globally, with the largest single liquidation occurring in the BTC-USD pair on Hyperliquid, valued at $21.4298 million.

This data highlights the extreme one-sided long liquidation pattern in the market following Powell's hawkish speech. Bitcoin quickly plunged from around $113,000 to $107,957, with a maximum drop of over 4%, triggering a large number of highly leveraged long positions to be liquidated. Technically, Bitcoin is currently oscillating in the range of $108,000 to $110,000, with trading volume significantly shrinking compared to earlier periods, indicating a standoff between bulls and bears.

This round of liquidation may have released some selling pressure, and the market might welcome a technical rebound in the short term. It is advised to closely monitor the support level at $108,000; if this level can hold, Bitcoin may rebound to between $112,000 and $113,000. However, if it breaks down, we need to be wary of a faster decline to between $105,000 and $106,000, which could trigger a larger-scale liquidation. On-chain data shows that long-term holders sold 325,600 Bitcoins in the past 30 days, the largest monthly reduction since July, indicating that the market structure is undergoing a generational shift.