Last week, we mentioned that once BTC breaks through the $98,000 level, it is likely to test $93,000. As expected, on Monday morning, we saw a small-scale crash replay. BTC plummeted from $95,000 straight down to a low of $91,000, then barely held its ground at the $93,000 line. Altcoins fared even worse, with another sharp decline, forcing liquidations exceeding $860 million, of which $780 million were long positions.

Interestingly, at the same time, gold prices hit a new high, breaking through $4,600 per ounce. The market interprets this as Trump announcing over the weekend a 10% tariff increase on Denmark and seven other European countries. This move heightened geopolitical risks, boosting safe-haven sentiment, leading everyone to start selling risk assets. Plus, with the US holiday on Monday, cryptocurrencies naturally became the first target for sell-offs.

Looking at BTC's daily chart, the price has fallen back below the short-term trendline, indicating a significant downside risk. This week is particularly volatile—Trump’s tariff policies, Iran’s situation, Japan’s interest rate hikes, and the potential dissolution of the House of Representatives—all could make market sentiment very tense. Therefore, the expectation is that the crypto market will likely oscillate at low levels, with possible rebounds in between. However, with Japan announcing interest rates on Friday and the weekend being a safe-haven window, the risks remain high. BTC might even test $91,000 again, which could drag the entire crypto market along with it.