Analyst: Bitcoin’s Decline Continues Due to Macroeconomic Pressure and Leveraged Liquidations

Jinse Finance reported that in the past 24 hours, bitcoin accounted for over 40% of approximately $650 million in crypto asset liquidations, highlighting pressure in the derivatives market. Some analysts noted that as bitcoin underperforms traditional inflation hedges such as gold, long-term holders are reducing their positions. Market participants generally believe there is still room for further downside, with several pointing out that if the correction phase continues, bitcoin may test the $60,000 mark.