Bitcoin reversed sharply after briefly breaking through the $81,000 mark, with the price falling to around $75,000 at one point, triggering violent turbulence across the derivatives market.

The sell-off, driven by a stampede of leveraged longs, forced the liquidation of positions worth as much as $1.1 billion (about 1.5 trillion Korean won) in a single day.

The upward momentum previously generated by short covering was quickly exhausted, replaced by a chain liquidation of long positions, forming a classic derivatives-market volatility episode.

In terms of price performance, CoinGlass data showed that at 5:30 a.m. on the 6th, Bitcoin was down 5.13% from 24 hours earlier at $76,055.

Major coins came under broad pressure, with Ethereum falling 6.87% to $2,248.72, while Solana dropped 5.40% to $89.78.

Looking back at the earlier move, after vote counting in the U.S. midterm elections ended, Bitcoin did break above $81,000, but open interest growth at that time was only 0.3%.

That extremely small increase indicated the price rise did not stem from spot buying or fresh capital inflows, but relied on forced repurchases of existing short positions.

Such a rally, lacking real buying support, was extremely fragile, and once profit-taking emerged, the market collapsed quickly.

Data compiled by Woofun AI showed that total forced liquidations over the past 24 hours reached $1.09 billion, of which 87.7%, or $952.34 million, came from long positions, while short liquidations amounted to only $133.23 million.

In the most recent 12 hours, liquidation value surged to $999.31 million, accounting for nearly 92% of the total.

As prices fell below key support, highly leveraged accounts were forcibly disposed of at market prices due to insufficient margin, creating a vicious cycle.

By asset, Bitcoin had the largest liquidation amount at $281.51 million, including $251.11 million in longs, followed by Ethereum at $173.26 million.

Solana saw $37.48 million in liquidations, while Hyperliquid accounted for $18.79 million.

A total of 211,460 traders were liquidated throughout the day.

By exchange distribution, Binance had the highest share at 46.2%.

The single largest liquidation occurred in Binance's Ethereum perpetual futures market, involving $10.94 million (about 15 billion Korean won) and belonging to a long position.

The current market focus is on the battle over key support levels.

CoinGlass data indicated that the $75,000 to $75,400 range contains substantial long liquidation pressure, and if prices enter that zone, more reverse trades could be triggered, intensifying downward pressure.

Conversely, the $76,800 to $77,300 range holds short liquidation liquidity, and if prices can recover to the $77,000 level, a short-term rebound may be triggered.

It is worth noting that these liquidation figures are reverse estimates based on open leverage data, not confirmed limit orders.

For the medium- to long-term trend, $73,000 is viewed as the first line of defense.

Well-known trader Daan Crypto Trades said that despite the large short-term decline, prices on the weekly chart remain within a major support zone, and a weekly close below $73,000 could mark the start of a trending decline.

Bitcoin's actual market average price is about $77,700.

Because the current price is below investors' average purchase cost, whether Bitcoin can hold the $75,000 mark will directly determine whether the market continues to sell off or welcomes a technical rebound.