The crypto market is experiencing intensified fluctuations, with Bitcoin and altcoins both falling, and the liquidation amount exceeding $200 million.

June 12th is referred to as "Super Wednesday" by the financial community, as the latest CPI data and the Federal Reserve's interest rate decision will be announced on that day. This data may become an important indicator for the future trends of the crypto market.

On the eve of this critical moment, the crypto market has experienced significant fluctuations. Bitcoin, despite nearing $70,000 at one point, failed to break through that resistance level and subsequently fell to the $66,000 range, even touching a near three-week low of $66,170 on Tuesday evening.

According to data platforms, although Bitcoin has currently rebounded to around $67,000, the 24-hour fall is still 1.1%. The fall of alts is even greater, with a certain cryptocurrency index declining by over 6%. Among them, Ethereum has fallen below $3,500 (a decline of 6.5%), while other major alts such as SOL, DOGE, ADA, and LINK have seen declines between 6-9%.

This sudden pullback has triggered a large-scale liquidation. According to data, over $250 million in leveraged derivatives positions across the crypto market were liquidated, primarily due to long positions being forced out. This marks the second instance of large-scale leveraged spikes within a week, following last Friday's liquidation of $400 million.

Despite the market experiencing a pullback, industry analysts remain optimistic about the long-term prospects of the crypto market. On-chain data for Ethereum shows that the user base is still growing, with both active addresses and new addresses reaching relatively high historical levels. At the same time, the amount of stablecoins held on exchanges has significantly decreased, which may indicate that investors are reallocating funds into higher-risk assets.

A certain crypto investment firm believes that despite the short-term market pressure, it is still a good opportunity to accumulate cryptocurrencies. Positive factors include the launch of the spot Ethereum ETF and the shift in politicians' attitudes towards cryptocurrencies. However, the recent downturn in the crypto market is mainly influenced by U.S. employment data, a strengthening dollar, and investors remaining cautious ahead of the release of important economic data.

Another research institution pointed out that Bitcoin may experience frequent fluctuations recently, as the crypto market is "highly sensitive" to economic data and "highly correlated" with the US stock market. Data shows that the 30-day correlation coefficient between Bitcoin and Nasdaq has reached its highest level in 18 months.

Some analysts believe that the cryptocurrency market may be in the preparatory stage for the next bull market. Future market focal points include the timing of the Federal Reserve's interest rate cuts, market reactions after the approval of the Ethereum ETF, changes in sentiment regarding Bitcoin ETF fund inflows, and the expected gap between macroeconomic trends and actual market reactions.

Overall, although there has been a fall in the crypto market this week, it has not changed the overall positive trend of the market. There are opinions that some positive signs that appeared during the sell-off may indicate that the economy will recover quickly. At the same time, as other countries around the world continue to cut interest rates, the United States may also face pressure to lower rates.

Historical data shows that Bitcoin has experienced pullbacks during the four Federal Reserve meetings this year, but quickly reversed its trend afterward. Therefore, some analysts believe that the current pullback may be an opportunity to buy the dip.