The cryptocurrency markets continue bleeding out, with Bitcoin dropping to as low as $101,000 earlier today.

At the time of this writing, BTC recovered slightly and trades above $102,000 but analysts are scraping for answers and looking for the local bottom.

Source: TradingView As seen from the 1-hour chart, at least on that time frame, the cryptocurrency has been in a clear downtrend for the past five days, marking lower highs and lower lows consistently.

Data from Coinglass also reveals elevated levels of liquidated positions across the leverage market. Almost $700 million were wiped off, which is a 35% increase compared to the day before. Naturally, the overwhelming majority of that were longs, accounting for around $600 million of the total.

Source: Coinglass The heatmap below also paints a depressing picture. As you can see, with the exception of LEO, every single altcoin from the top 50 (by market capitalization) is charting significant losses over the past 24 hours.

Source: Quantify Crypto