$BTC moved from around 70,938 USD to 68,000 USD intraday.
In futures markets, a failed bullish breakout can trap leveraged longs.
When price reverses, forced liquidations accelerate the move, because positions that no longer meet margin requirements are automatically closed.
It wasn’t necessarily macro news that explained the move.
It was leveraged exposure being forced to adjust.
In the long term, macro conditions matter.
In the short term, price action reflects order flow, but volatility is often amplified by liquidations, volume, and open interest.
Derivatives markets have their own mechanics.
Understanding that structure helps explain why price moves the way it does.