The high-risk level of the Nasdaq has never been independent; it is like the Damocles sword hanging over the crypto market. BTC has once again reached this critical threshold of 78,000, with strong resistance on the daily chart. Although U.S. stocks are continuously hitting new highs, the underlying logic of the financial market is alternating between gains and declines. If U.S. stocks do not pull back, the decline in cryptocurrencies and other financial markets will not start so quickly. Additionally, gold is also at a high level; if the water in the gold and U.S. stock pools does not flow out into the crypto market, I believe a new trend will not begin so soon. Only when U.S. stocks and precious metals start to pull back and drive the crypto market downward will funds from stocks and gold flow into cryptocurrencies, and then a real new cycle will begin. $BTC