Analysts: Bitcoin's rally has weakened, and a sell-off that could last for weeks is possible

On the afternoon of January 9, Beijing time, the virtual currency market ushered in a sell-off wave, and the price of bitcoin fell sharply. As of press time, bitcoin fell below the $93,000 integer mark, temporarily quoted at $92,938/piece, a decline of 2.7% in the day. Affected by the sharp fluctuations in currency prices, CoinGlass market data shows that in the past 24 hours, more than 160,000 people in the virtual currency market have liquidated their positions, and the total amount of liquidated positions is 482 million US dollars (about 3.53 billion yuan). Industry insiders believe that the latest economic data released by the United States recently hinted at the stickiness of inflation, which raised questions about the possibility of the Federal Reserve cutting interest rates later this year. According to the data on the chain, the leverage ratio of the current virtual currency market is close to the historical high in 2021. The highly leveraged environment has greatly increased the fragility of the market, and once the market blows, investors may quickly withdraw, leading to the spread of price slumps and liquidation waves. Katie Stockton, a top technology strategist on Wall Street, said recently that the upward momentum of Bitcoin has weakened, and there may be a sell-off that lasts for several weeks. (China Securities News)