Bitcoin punched through the $75,000 floor, and the derivatives market responded exactly how you’d expect: with chaos. Approximately $923 million in crypto positions were liquidated in a single day, with long traders, the ones betting on higher prices, absorbing the vast majority of the damage.

Of that total, around $834 million came from liquidated longs. The market was overwhelmingly bullish going into this move, and that crowded positioning made the unwind brutal.

A support zone under siege

The $75,000 to $77,000 range has been flagged by analysts as a critical technical support area for Bitcoin. Multiple retests of sub-$80,000 levels throughout 2026 have already weakened the structural integrity of this…