Under the suppression of external uncertainty, Bitcoin continues to trade in a choppy, weak range. The current price level is at a short-term sentiment low.

1. Short term: 76,500-77,000 is the short-term support zone. Volatility is amplified. Prioritize reducing leverage and controlling position size; don’t chase shorts or blindly “catch the bottom.”

2. Key to watch: Focus on the strength of the market sentiment recovery and changes in the correlation with traditional assets. If signals are unclear, it’s best to stay on the sidelines.

3. Medium to long term: The core allocation logic remains unchanged. Instead, uncertainty is strengthening its alternative-asset characteristics. Wait for clearer signals before making a directional layout.