Bitcoin has broken below the $68,000 level, sparking a sharp -4% decline in just four hours. This wasn't a gradual decline but a rapid, forced liquidation event. As Bitcoin breached key intraday support, a wave of liquidations swept through leveraged positions, wiping out over $98 million in long bets in a very short time.

The impact extended beyond Bitcoin: the overall cryptocurrency market capitalization shed nearly $90 billion in under four hours, with the market heatmap turning solidly red. Major assets like Ethereum, BNB, Solana, and other large-cap altcoins followed suit, indicating widespread risk aversion rather than an isolated Bitcoin issue.

Such swift, leverage-fueled selloffs often highlight underlying market stress. When positions get cleared out this aggressively, it can lead to heightened volatility that doesn't always resolve with a single price move.

Is this merely a routine deleveraging event, or could it signal the beginning of a more extended correction?

Stay tuned for more crypto market insights.

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