Bitcoin plunged to $93K, $1.9 billion worth of assets were liquidated, and the bull-bear trend has not reversed!

In post-market trading yesterday, bitcoin continued the previous day's decline, quickly hitting $93k, and after recovering, quickly dropping below $94k again, liquidating 1.9 billion USD worth of long positions. The altcoins that did not follow the decline last time also experienced significant retracement, with a general drop of 10%-20%, causing chaos in the crypto market.

However, this liquidation is not all bad news. Firstly, from a daily chart perspective, bitcoin did not fall below the EMA20 bullish trendline, indicating that the uptrend is still intact; secondly, from the perspective of filling the upward gap, this needle drop by bitcoin this time actually filled the CME spot gap left from the previous continuous uptrend; finally, after the pullback, both the funding rates for bitcoin and other altcoins have decreased to a healthy level, avoiding the backlash from an overheated market.

In addition, on December 10th at 8:30 AM Pacific Time, microsoft will push forward a significant shareholder proposal regarding bitcoin – evaluating through shareholder voting whether including bitcoin on the balance sheet aligns with the long-term interests of shareholders. Notably, the pioneer in cryptocurrencies in traditional finance, blackrock, with a 7% share, may play a crucial role.