<div id="readability-page-1"><div><div><p>The crypto market is experiencing its darkest moment since the beginning of the year. Hit by both tightening macro liquidity and a technical breakdown, Bitcoin (BTC) has accelerated its decline in the past few hours, with its intraday drop widening to as much as 9%, and even briefly falling below the weighted average cost of $76,037 held by MicroStrategy (Strategy)—the world's largest publicly traded cryptocurrency holder. The last time Bitcoin fell below this price level was in October 2023. As the myth of &#34;Saylor leverage&#34; faces substantial challenges, market panic is spreading into deeper waters. The &#34;cost defense battle&#34; has begun. According to the latest financial monitoring data disclosed by MicroStrategy (MSTR), due to its aggressive accumulation of Bitcoin when it was at $90,000 in early 2026, its average holding price has been significantly increased to $76,037. On January 31st, during the midday trading session in the Eastern Time Zone, the price of BTC rapidly collapsed from the $84,000 mark, hitting a low of around $75,000. This means that for the first time this cycle, the MicroStrategy account, holding approximately 712,600 Bitcoins worth over $50 billion, experienced an overall unrealized loss. As a &#34;stabilizing force&#34; in the crypto asset market, MSTR's high beta leverage effect became increasingly apparent during the downturn, with the company's stock price hitting a 52-week low.</p><p><img src="https://imageproxy.pbkrs.com/https://images.bitpush.news/cn/20260201/176988982738357239.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="354" original-src="https://imageproxy.pbkrs.com/https://images.bitpush.news/cn/20260201/176988982738357239.png"/></p><h2><strong>Liquidity Depletion and Sell-Off: The &#34;Death Stomp&#34; of Deleveraging</strong></h2><p>Analysts point out that this plunge was not accidental. With insufficient liquidity and extremely limited buying demand, the sell-off accelerated significantly in recent weeks, causing Bitcoin's value to fall by more than 30% from its previous high.</p><p>Furthermore, macroeconomic uncertainty and the liquidation of highly leveraged positions exacerbated the decline, exhibiting typical characteristics of &#34;forced liquidation&#34;: Support line collapse: Bitcoin broke below the upward support trendline that had been maintained since the end of December 2025. Once broken, the previously dense support range ($82,000 – $86,000) instantly transformed into heavy resistance. Increased trading volume: Unlike the previous gradual decline, trading volume significantly increased when the price reached $78,700. This indicates that a large number of leveraged long positions were forcibly liquidated at high levels, and the market is undergoing a severe &#34;deleveraging.&#34; Oversold but unable to rebound: Although the daily RSI has fallen into the deep oversold zone near 20, the market shows weak buying support, with no signs of a strong recovery in the short term. Next stop: The $68,000 &#34;life-or-death line&#34;? In this round of plunge, analysts are trying to find the real &#34;bottom&#34;. Renowned trader James Wynn warned on social media platform X that the current drop may only be the beginning of a return to the &#34;baseline&#34;. Wynn pointed out that the area around $68,000 is not only the key 200-week moving average, but also the consolidation zone before the surge in 2025. Looking back at last year, before Bitcoin broke through $100,000, it underwent a months-long period of consolidation and shakeout in the $65,000 to $72,000 range, forming a solid area of ​​concentrated trading volume. This area represents a psychological defense line for many long-term holders, and if it were breached, market confidence could trigger a chain reaction of collapses. In his latest tweet, he stated: &#34;The most likely landing point for Bitcoin is $68,000 (the 200-week moving average). As I've been emphasizing since $120,000, let this 'big capitalist' return to the baseline. From here, the market may trigger a chain sell-off due to fear, panic, and boredom—the so-called 'weak hands' exit—which could send us to...&#34; $50,000. I don't think it will go lower than that; if it does reach those levels, it will be a golden opportunity for me. In any case, I will dollar-cost averaging (DCA) at every new low. This &#34;waterfall washout&#34; is an inevitable result of the resetting of macroeconomic expectations and excessive leverage. For micro-strategies, although they have entered a period of unrealized losses in the short term, their long-term debt structure (mostly fixed-rate long-term bonds) provides them with a breather. However, for ordinary investors, the reappearance of expectations of $68,000 or even $60,000 indicates that the crypto market is waking up from the illusion of &#34;heading to $150,000&#34; and re-examining its true pricing in the global macroeconomic environment.</p></div></div></div>

<p>The crypto market is facing significant challenges, with Bitcoin's price dropping as much as 9% and briefly falling below MicroStrategy's average holding cost of $76,037. Analysts attribute this decline to liquidity issues and forced liquidations, with Bitcoin potentially heading towards a critical support level around $68,000. The market's current state reflects a shift in expectations, moving away from previous highs and indicating a potential chain reaction of sell-offs if key support levels are breached. MicroStrategy, despite facing unrealized losses, maintains a long-term debt structure that may provide stability.</p>

- The crypto market is facing significant challenges, with Bitcoin's value recently plunging nearly 9%, falling below MicroStrategy's average holding cost of $76,037.  
- Analysts attribute this decline to tightening liquidity, limited buying demand, and forced liquidation causing the sell-off, with the support line now transformed into resistance.  
- Renowned trader James Wynn suggests the next key level for Bitcoin is around $68,000, warning that breaching this could lead to further market instability and a potential sell-off.

Micro-strategy defenses breached: Is Bitcoin about to slide into the 60s?