Bitcoin USDC Long Liquidation Signals a Potential Market Downtrend

The current market analysis indicates that the long positions for Bitcoin against USDC have been liquidated, with an average liquidation price around $113,084.3. The total liquidation amount reaching approximately $1,639,722 suggests significant market volatility and a notable shift in traders' sentiment, primarily moving away from bullish positions. This liquidation event reflects a possible short-term bearish trend or a market correction after previous upward momentum. Such liquidations can lead to increased market stress and often precede a period of consolidation or further downward movement, especially if new support levels are not established quickly.