Market Overview
Bitcoin fell from a recent high of $95,400 to around $87,700, a 1% drop on the day. The slide follows a broader sell‑off in risk assets as the yen continues to weaken after a bond‑market shock.
Traditional safe‑havens gained ground, with gold up 2.08% and silver up 1.6%.
Liquidation Trends
Data from CoinGlass shows that more than 77% of liquidations were on long positions, a pattern that has dominated the past week.
- Open interest in Bitcoin derivatives stayed between 245,000 and 267,000 BTC since early January.
- Cumulative spot and perpetual volume indicators have been trending lower, pointing to ongoing selling pressure.
- Analyst Georgii Verbitskii notes a clear lack of interest from large players at current price levels.
Macro Context
A bond sell‑off triggered a steep decline in the yen, which has been falling since April 2024. Japan’s prime minister warned of “abnormal” yen moves, raising expectations of possible intervention.
Crypto users on Myriad now assign a 33% probability that Bitcoin’s next major move will target $69,000, up from 14% two weeks earlier.