Analyst: Bitcoin's 7% drop failed to flush excess leverage, another liquidation cascade possible

• —Bitcoin futures open interest remains elevated, with only a small share of positions liquidated
• —The 7% price decline over two days was too slow to fully flush out leverage
• —Leverage is skewed toward longs, raising the risk of another cascade
• —Key supports sit at $80,000 and $79,000; below that, no strong level until $69,000