Foreign media commentary suggests that after Bitcoin's sharp decline in early June, market bets on a deeper drop increased significantly. The article notes that BTC nearly erased all of its gains from the previous two months and fell below $60,000 for the first time in nearly four months, with cascading liquidations in the derivatives market amplifying bearish sentiment.
Nearly $500 million in long positions were liquidated in the past 48 hours.
According to data cited from CoinGlass, after Bitcoin fell below $60,000, liquidations of long positions approached $500 million over the past 48 hours. Panic sentiment has also escalated, with the Crypto Fear and Greed Index entering the "extreme fear" zone.
The article notes that these emotional phases were often accompanied by concentrated selling. However, market panic does not necessarily mean prices will continue to decline in a one-sided manner. Previously, when Bitcoin fell to a similar range, short-term rebounds occurred in both March and April.
Buy-side pressure is considered to be weakening.
The core judgment of this review is that this downturn is not merely an emotional fluctuation, but rather the market repricing risk. The article specifically notes that prices of certain Bitcoin-related financing and holding instruments have weakened, indicating that the supporting buying pressure is diminishing.
The article cites STRC, a financing instrument related to Strategy, noting that its price fell below $92, widening the discount from its $100 face value. This is interpreted as pressure on Strategy’s financing model, suggesting that Bitcoin may lose part of its marginal buying demand.
Positioning and passive selling pressure dominate short-term price movements.
The article argues that what deserves more attention in today’s market is not a single sentiment indicator, but rather changes in position structure, liquidity, and passive selling pressure. Concentrated stop-losses by short-term holders, combined with leveraged positions being liquidated, further amplify price volatility.
Under this framework, foreign media believe that the market’s expectation of Bitcoin falling below $50,000 is not entirely driven by panic, but rather linked to the current funding structure and the process of selling pressure release. The article concludes that, with buying strength weakening, short-term price movements are increasingly driven by position adjustments and forced liquidations.