In the cryptocurrency market, Bitcoin, as the most representative digital currency, often becomes the focus of investors. However, recently Bitcoin fell sharply by 14% in just 72 hours, which has triggered widespread discussion. Many investors and analysts have begun to question whether the bulls can no longer continue? Before we delve into this issue, we need to understand the background of Bitcoin price fluctuations and the multiple factors that affect its price trend.

Bitcoin price fluctuations are the result of the combined effect of multiple factors. First, market sentiment is an important variable affecting Bitcoin prices. Investor sentiment fluctuations often lead to drastic price changes. Recently, due to the uncertainty of the global economic situation and the tightening of cryptocurrency regulatory policies in various countries, market sentiment has become relatively pessimistic, resulting in a large number of investors choosing to sell Bitcoin. This panic selling has undoubtedly exacerbated the decline in Bitcoin prices.

Secondly, technical factors cannot be ignored. In Bitcoin's trading chart, many technical indicators show that prices have entered the overbought area. This means that there are a large number of investors in the market chasing high prices, which has led to an intensification of the price bubble phenomenon. With the rapid rise in prices, many investors have gradually realized the risks and chose to stop losses quickly when prices fall back, further exacerbating the downward trend of Bitcoin.

In addition, macroeconomic factors have also had a profound impact on Bitcoin prices. For example, the monetary policy adjustments of the Federal Reserve have directly affected the liquidity of the market. Recently, the expectation of the Federal Reserve's interest rate hike has increased, which has reduced investors' preference for risky assets and turned to more conservative investment options. This change has led to a decline in demand for high-risk assets such as Bitcoin, which in turn affects its price.

However, when discussing the price trend of Bitcoin, we cannot ignore its fundamental factors. The market supply and demand relationship of Bitcoin may be affected in the short term, but in the long run, it still has its unique value. The scarcity and decentralization of Bitcoin have made it a "digital gold" to a certain extent. Against the backdrop of global economic turmoil and inflation, more and more investors have begun to regard Bitcoin as a safe-haven asset. Although this trend may be affected by market fluctuations in the short term, in the long run, the fundamentals of Bitcoin remain strong.

As for whether the bulls can continue, we can analyze it from several aspects. First, the recovery of market sentiment will be a key factor. If investors can learn lessons from the recent price drop and look at market fluctuations rationally, they may gradually restore their confidence in Bitcoin. Secondly, technical adjustments may also provide opportunities for bulls. Many technical analysts believe that the current price correction may lay the foundation for the next round of increases. Investors can judge the future trend of the market by observing key support and resistance levels.

In addition, changes in the policy environment may also become an important factor affecting the price of Bitcoin. If countries can reach a consensus on regulatory policies and form a relatively stable market environment, it may attract more institutional investors to enter the market, thereby driving up the price of Bitcoin. On the contrary, if regulatory policies are further tightened, it may cause more investors to choose to leave the market, thereby forming downward pressure on Bitcoin.

In terms of personal opinion, I believe that the future of Bitcoin is still full of potential. Although there are price fluctuations in the short term, in the long run, Bitcoin, as an emerging asset class, still has a large room for appreciation. With the continuous advancement of technology and the continuous maturity of the market, the application scenarios of Bitcoin are also expanding. Whether as a means of payment or as an investment tool, Bitcoin is gradually gaining more recognition.

Of course, investing in Bitcoin also comes with risks. When participating in the market, investors must have sufficient risk awareness, reasonably allocate assets, and avoid losses caused by market fluctuations. Especially in the current market environment, investors should be more cautious and avoid blindly chasing ups and downs.

In summarizing the recent price fluctuations of Bitcoin, we can see that market sentiment, technical factors, macroeconomic environment and fundamental factors jointly affect the price trend of Bitcoin. Although the current bulls are facing challenges, in the long run, the potential of Bitcoin is still worth looking forward to. No matter how the market fluctuates, a rational investment mentality and scientific analysis methods will be the key to investment success.

In short, the future of Bitcoin is still full of uncertainty, but in any case, as an emerging asset, its unique value and potential will continue to attract investors' attention. In this rapidly changing market, maintaining keen insight and rational investment decisions will be the best strategy for every investor in the face of volatility. For Bitcoin lovers, perhaps this is an opportunity to think deeply about the nature of the market and their own investment philosophy. Through continuous learning and adjustment, we may be able to find our own opportunities in this challenging market.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Last night, Bitcoin continued to expand its short-term decline. After breaking through the 9.000 integer support, the price accelerated downward. The market showed that Bitcoin once fell to 8.622 USDT
, a new low in the past month, and completely gave up all the gains made in the middle and early part of this month. Although Bitcoin rebounded briefly in the early morning, it gave up short-term gains again in the morning. During the posting period, it fell below the 8.700 integer line again and is now entangled around 8.680.

In the first three trading days of this week, Bitcoin has fallen sharply by 14%, and the previous continuous rise has come to an abrupt end.

Driven by the sharp drop in Bitcoin, the top currencies with the highest market value fell across the board overnight. In the past 12 hours, the average decline of the top 20 currencies by market value was nearly 10%, and the leading EOS and LTC currencies fell by more than 12% at night.

According to the official data released by Skew, on February 26, more than $150 million worth of Bitcoin positions were liquidated on BitMex, setting a new high in 2020.

In addition, according to the statistics report of Hetongdi, the total liquidation of the contract market in the past 24 hours was $804 million, and the number of liquidations was 35,370. Among them, Huobi liquidated $106 million,
liquidated $142 million, liquidated $350 million, and BitMEX liquidated $204 million. The top three currencies in terms of liquidation amount were Bitcoin at $486 million, Ethereum at $120 million, and Bitcoin Cash at $52,170.

Why did the market suddenly reverse?

In an official document released on Wednesday local time in the United States, the U.S. Securities and Exchange Commission (SEC) has rejected Wilshire Phoenix's application to launch a Bitcoin ETF on NYSE Arca. The SEC said Wilshire has not yet proved that the Bitcoin market is resistant to market manipulation. To date, the SEC has rejected all Bitcoin ETF proposals submitted by various companies.

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