Bitcoin went down fast on Thursday's US-American breakfast to $58,000, down 5% a day, touching lows since 2024. Prices then recovered to about $594 million, but fell by about 2.5 per cent within 24 hours. The Ether has fallen to about $1550, and SOL and DOGE are also weak, showing that the fall has spread to a wider encryption market.

Macro-pressure is still squeezing at-risk assets.

The fall is taking place at a time of increased fragmentation of the technology stock. After the strong performance announced by the United States, the stock price rose, but the large technology unit was generally weak, and the NASDAQ index fell by 0.4 per cent that day. At the same time, the market continues to absorb the financial needs of AI investments and the more hawk signals released by the Fed last week.

The report mentions that policymakers suggest that the next step is more likely to be higher than lower, and that the increase may be earlier than previously anticipated by the market. This background continues to suppress high-variant asset performance, and the downward trend in Bitcoin since last October has not been reversed.

The empty space continues to increase.

Although overall trends remain weak, data from the derivatives market are beginning to show that short-line rebound conditions are accumulating. The liquidation heat seeks to show that more liquidation risk is concentrated above current prices rather than below. This means that if prices continue to fall, they do not necessarily trigger larger-scale passive sales; on the contrary, the real vulnerability may be the pursuit of space.

Over the past 24 hours, the price of bitcoin has fallen by about 3 per cent, but the unsettled contract has increased by about 0.28 per cent. This usually means that part of the traders did not leave the scene flat, but continued to add blanks and bet $58,000 in support of the position. At the same time, the shift to negative financial rates also reflects the higher costs that the market is paying for the downside.

There's a lot more under there than under there.

The depth of the spot market provides another set of signals. The CoinGlass data show that from the current price to the $50,000 range, there were approximately 6900 BTC purchase orders on the order book, approximately $409 million of their medium calibre, while from the current price above the $70,000 range, there were approximately 1570 BTCs, about $93 million.

This group of data shows that the power of the current sub-market is stronger than the upper push. If prices rebound, the airhead may be under double pressure: to continue to pay negative fund rates, and to be passively cut or flat. In this case, a short-line refill may further magnify the rebound.

However, in the larger cycle, bitcoin is still in a clear vulnerable zone. The current focus of market attention has shifted from a simple fall in prices to an over-concentration of empty silos and whether this structure could trigger reverse fluctuations in the short term.