Bitcoin just printed an end of the world candle as $1.65B in long positions were forcibly closed. This cascade drove the price below the critical $70,000 psychological support for the first time since August.
The breach of $70,000 is a significant technical development. This level has acted as a major pivot point for the current market regime. The sheer scale of the $1.65B liquidations suggests that long leverage was extremely overextended.
Traders should look for stability above $68,000. If the price fails to reclaim $70,000 quickly, we could see further deleveraging toward the $65,000 zone. This is a massive volatility expansion that's flushing out the weak hands.