Analysts point out that Bitcoin's downward trend has been further amplified by forced liquidations. When the price reaches a certain level, traders' long or short positions are automatically liquidated by the system, creating a chain reaction. According to Coinglass data, since last Thursday, the total amount of forced liquidations of Bitcoin long and short positions has exceeded $2 billion.

This type of liquidation mechanism is particularly prone to causing rapid price declines in the cryptocurrency market, as passive position clearing often triggers further selling pressure. Just last Saturday, the total liquidation amount across all cryptocurrencies reached $2.56 billion, marking the tenth-largest single-day liquidation event in history.