Tuesday's spot ETF performance indeed left much to be desired. Looking back at recent market trends, it's clear that many traditional financial investors entering the ETF space are motivated more by expectations of price increases than by recognition of BTC's long-term value. In other words, speculative psychology is dominating — buying in on rallies and quickly cutting losses when prices adjust, even at a loss, to stop the bleeding. However, from a broader macro perspective, the market experienced a key turning point at 3:27 AM. An important policy adjustment was announced at that time, involving new developments in tariff matters, which directly triggered a rebound in risk assets. Both US stocks and BTC performed quite well, indicating that the market is highly sensitive to policy signals. Based on this shift, Wednesday's ETF data is expected to show a significant improvement. Nevertheless, the group of investors chasing gains and cutting losses still exists, and their behavior patterns will continue to cause short-term volatility. The performance of other mainstream cryptocurrencies like ETH and SOL will also be influenced by similar emotional drivers. In simple terms, the interplay between technical and policy factors is reshaping investor expectations.

#数字资产市场动态 Bitcoin's recent trend is like this—oscillating back and forth, with no real rebound strength, and the highs and lows getting lower and lower. Short-term there’s not much hope. The four-hour Bollinger Bands have been trending downward from start to finish, and even when there’s a small rally, the bears are immediately pressing down, making it hard to gain momentum. The 90,000 yuan level is the critical line; if it can’t be touched or stabilized above, there’s nothing much to say except to continue with a bearish outlook. In actual trading, you can look for shorting opportunities in the 9050 to 9130 range. If the stop-loss is set properly, the first target is around 8900. If it really breaks below that, then look toward 8720.

Bitcoin experienced a pullback in the last two trading days, briefly dropping to a low of $87,300 in the early morning, then oscillating around $89,800. The key question now is: can it hold the support line at $89,000? **Technical Analysis** From the daily chart perspective, the price has broken below the previous support at $89,000 and is currently testing the resistance at $92,000. If it closes below $89,000 today, the short-term downtrend is likely to continue, with the next target in the $89,000–$87,800 range. Conversely, if it reclaims $89,000 with increased volume, a rebound could be triggered, with initial resistance at $91,000. On the 4-hour chart, consecutive bullish candles accompanied by increased volume signal a bullish trend; on the other hand, if it closes below $88,500 or forms a bearish engulfing candlestick pattern, beware of a bearish reversal. **Resistance and Support Levels** Upper: $89,000 (broken), $90,000 (broken), $92,000 (testing) Lower: $88,000 (broken but quickly rebounded), $86,500, $84,000 **Trading Strategies** *Long Entry*: Enter when a series of consecutive bullish candles or bullish engulfing patterns form on the 15-minute chart, targeting $90,600, with a stop-loss at $87,500. *Short Entry*: Consider if the 1-hour chart closes below $88,000 or if a bearish engulfing pattern appears, with targets at $86,500 and $84,000, and a stop-loss at $88,500. **Personal Positioning** Ethereum has been fully exited with profits. Continue holding long positions on Bitcoin, targeting the $90,600–$91,600 range. Also, hold Solana, aiming for $132, $136, and $140. If you missed the entry earlier, wait for a pullback to the $88,700–$89,100 range before considering entering. Use previous strategies for profit-taking, and set the stop-loss at $87,000. *Position management is crucial*—whether taking profits or cutting losses, each trade is just one part of your trading career. Never over-leverage. Manage risk according to your risk tolerance and adjust flexibly.