This round of decline is really quite brutal.

Just a few weeks ago, BTC was standing at the peak of $126,000, and in the blink of an eye, it crashed down to $81,000. Such a violent correction has thrown the crypto world into full panic mode. Now, everyone is watching a single number—$74,000. If this support line can't hold, the consequences will be unimaginable.

The market data is even more distressing. Among short-term holders, 99% are now underwater, and the profit-loss ratio has dropped to a historic low. What about those once-glorious institutional treasuries? Bitmine is down 31% on paper, and Forward Industries is faring even worse, with a direct loss of 44%. Even that giant holding 649,000 BTC at an average cost of $74,400 can barely maintain a floating profit right now—if the price keeps dropping, even they will go into the red.

In the past 24 hours, liquidations on exchanges surged to $1.93 billion. Many people think the market should rebound after such a drop, but reality may be even harsher.

This plunge is not an isolated event. On Thursday, the S&P 500 saw a single-day fluctuation of 3.4%, marking the biggest swing since the Trump-era tariff turmoil. The panic in traditional financial markets is spilling over into the crypto space.

BTC has already been cut in half by 35% from its high. Technically, the $82,000 level is critical—if it doesn't hold, it's highly likely to drop straight to $74,000. And $74,000 just happens to be the life-or-death line for many institutions.

What happens next? The market will give the answer.