Nearly $1B of Liquidations in the Bitcoin and Cryptocurrency Markets. What’s Going on?

Is this the start of the Bear Market? What should you do?

After several weeks of moving sideways between $92K and $104K, the Bitcoin price looks set to break out of this range at the bottom. Massive liquidations have taken place over the past 24 hours. Over $270M of long positions have been liquidated on the Bitcoin market:

The price of Bitcoin has lost almost 10% in just a few hours to stand at around $91K currently. The $92K support level will undoubtedly be tested in the coming hours:

In Bitcoin's wake, the entire cryptocurrency market has been heavily impacted. Liquidations have approached the billion-dollar mark in the last 24 hours:

Ethereum was particularly hard hit, with nearly $200M in long liquidations. In just a few days, the cryptocurrency market, including Bitcoin, wiped out over $325B of market cap:

It seems urgent to me to take stock and seek to understand what is currently happening in the cryptocurrency market.