Bitcoin prices have retreated significantly, falling from highs near $91,000 to below the $85,000 mark. This decline is driven by a combination of macroeconomic factors, including hawkish tones from the Bank of Japan and weak PMI data from China. QCP Capital noted that these "Asia shocks" have weighed heavily on risk assets despite supportive U.S. rate cut expectations. The volatility has triggered a massive flush in the market, with total liquidations reaching approximately $800 million over the last 24 hours. The sharp downside move has severely impacted leveraged positions. Notable traders, such as Machi Big Brother, reportedly faced liquidations on significant ETH long positions totaling around 400 ETH. Bloomberg Intelligence strategist Mike McGlone has issued a bearish warning, suggesting Bitcoin could potentially revisit the $50,000 level. He cites a declining Bitcoin/Gold ratio and extreme stock market complacency as key indicators for a potential deeper reversion. Initially, QCP Capital attributed the earlier drop to $86,000 to concerns over MicroStrategy's mNAV and regional macro shocks. Despite the heavy selling pressure, some market observers believe underlying support persists due to continued expectations for U.S. monetary easing. [Update 1] Bitcoin has broken below the $85,000 support level, intensifying liquidations to nearly $800 million. Specific reports highlight the liquidation of high-profile traders like Machi Big Brother, while strategist Mike McGlone warns of a potential reversion to $50,000.