During the weekend, it was believed that if no systemic risks emerged, the downside of US stocks and cryptocurrencies should be limited. Although Asian investors panicked on Monday morning and futures declined significantly when CME opened, the market started to recover around 15:00 Beijing time when Europe’s trading session began. After the open, US stocks and $BTC$ rebounded quite well, but gold and silver still remained in a downward trend.

Looking at Bitcoin’s data, the turnover rate isn’t very high, which was expected. The current price is almost below $MSTR$’s cost basis and also below the average purchase price of ETFs. This remains attractive to $BTC$ investors. Additionally, from the miners’ data, over 200,000 machines per terahash are on the verge of shutting down, and mining difficulty has started to decrease, indicating that more miners are stopping operations. Especially since there are no fundamental negative factors at the moment, there is still hope. The last drop to $74,000 was mainly due to US-China tariff issues. Now, it’s just stagnation, with perhaps some poor earnings reports, but it shouldn’t escalate into widespread panic. Overall, the US is the biggest seller, and as long as there are no surprises on this side, there’s still opportunity.

A rebound to 78,700-80,250 can be used to short, with targets around 77,000-78,000.