U.S. non-farm payrolls data came in far below expectations, adding only 50,000 jobs. This should have boosted expectations for a rate cut, but instead it became the trigger for Bitcoin's sell-off. According to on-chain data, if BTC drops below $89,000, $940 million in long positions face liquidation risk; if it falls below the $84,000 support level, it could trigger a chain liquidation of $10.6 billion. This scale already accounts for 20% of the 24-hour trading volume, no wonder bears are eager to strike.

From a technical perspective, the 4-hour chart has already formed a long upper shadow with a headless candle, directly breaking through the 60-day moving average and the lower Bollinger Band. The once-stable $90,000 level was instantly pierced like paper. Trading volume continues to shrink, with a decline of over 37%, and there was little volume to support the rebound. The CME futures gap between $88,000 and $87,000 coincides with the dense liquidation zone; once broken, the target drops to around $75,000.

However, uncertainties always exist. If institutional investors start defending the market based on the nominal rate cut expectations and release a large amount of volume during the rally, breaking through the $92,000 level is possible. This could trigger a forced short covering of $1.15 billion, potentially leading to a short squeeze.

The operational advice is straightforward: those holding positions should set their stop-loss below $88,000; those on the sidelines should not rush to buy the dip. Wait until panic appears at $84,000 or a volume breakout above $92,000, then act accordingly. High leverage is not advisable; in this kind of volatile market, surviving is the biggest winner.