1. Fundamental bearish factors (core of this round of sharp decline)

1. MSTR (Strategy) sold BTC for the first time in three years, breaking the long-standing market belief of "holding without selling," loosening institutional holding logic, and causing funds to flee to safety.

2. The US Bitcoin spot ETF has experienced net outflows for 11 consecutive days, with over $3.4 billion redeemed, institutional buying has dried up, turning into continuous selling, and the core support for the bull market has disappeared.

3. Large BTC transfers from Mt. Gox in Mentougou (worth $739 million), market concerns over large-scale sell pressure materializing, panic sentiment spreading.

4. The US stock AI sector continues to hit new highs, funds are flowing out of the crypto market, and safe-haven funds are preferentially flowing into stocks.

5. In 24 hours, the entire network experienced liquidations totaling $1.48 billion, with consecutive long liquidations triggering a stampede and downward movement.

2. Technical key levels

• Short-term resistance: first resistance at 68,500, second resistance at 70,300, only a break above 70,000 can suggest a potential stabilization or rebound;

• Short-term support: first support at 66,200 (intraday low), a decisive break below could target 65,500, with strong support at the 62,500 level;

• Indicators: Daily RSI has entered the oversold zone, indicating a short-term technical rebound is possible, but the downward trend remains unchanged, and the rebound is mostly a weak correction. #分享美股交易赢英伟达股票