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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InBitcoin has experienced a dramatic correction, plunging 46% from its all-time high of $126,000. The digital asset briefly dipped below the $61,000 mark on February 6, representing the most severe selloff since the FTX collapse. This massive market downturn resulted in the evaporation of over $1 trillion in total market capitalization, testing the psychological floor of the crypto industry. Despite the scale of the decline, on-chain sentiment data reveals that most long-term holders have opted to maintain their positions rather than succumbing to panic selling. This conviction suggests that while the immediate price action is severely bearish, the core investor base remains committed to the asset's long-term value. Analysts are now closely monitoring support levels to see if the market can stabilize after such a significant liquidation event.