Bitcoin fell below $91000 this morning, and over the past 24 hours, the entire network has sold out

Bitcoin has been declining from the level of $103000 since 11 pm yesterday, and even plummeted by about 7.6% within 5 minutes at 6:25 am this morning, reaching a low of $90500. At the time of writing this article, it has rebounded to $96800.

Analysts believe that this sharp decline may be mainly caused by large-scale liquidation triggered by the contract market. According to Coinglass data, this morning's sharp drop caused multiple orders to plummet by over $420 million within an hour. In the past 24 hours, a total of 208052 people have been liquidated, with a cumulative liquidation amount of $1.1 billion, including multiple contracts worth $815 million, making it the largest liquidation in recent months.

However, this wave of liquidation has also slightly cooled down the recently overheated contract market, which is a healthy deleveraging activity for future trends.

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