BTC Breaks Ascending Channel, Triggers Liquidation Fears

Jiang Zhuo'er, founder of Lebit Mining Pool, also known as B.TOP, has expressed concerns about the short-term prospects for Bitcoin (BTC) and Ethereum (ETH).

The recent pullback in prices has led to a downward break of both major cryptocurrencies' ascending channels, sending a negative signal from a technical perspective.

Zhuo'er pointed out that the closure of ETF markets in the US over the weekend temporarily eliminated potential institutional buying pressure from spot Bitcoin and Ethereum ETFs.

According to Coinglass data, if Bitcoin falls below $76,000, it could trigger significant liquidation clusters on major centralized exchanges, with a total liquidation volume of approximately $797 million for long positions.