$BTC Recently, risk appetite in U.S. equities has been persistently weakening, compounded by passive sell pressure from derivatives options expiries. Capital is clearly fleeing to safe havens. Yesterday, a massive number of long positions were liquidated in a concentrated manner across the entire market, and short-term bearish momentum was released intensively, directly breaking through the short-term support zone around 60k.

60k is widely recognized by the market as a psychological watershed. A large amount of chips have accumulated here. If it is effectively broken below, it will open up deeper downside space. However, on-chain whales are continuously accumulating chips in the 58,000–60k range, indicating support below. In the short term, there will not be a unilateral rapid decline; instead, it will mainly consolidate and grind out a bottom.

On the daily chart, the moving averages are in a bearish alignment, and rebound highs are continuously declining. The adjustment trend on the larger time frame has not ended. On the short-term 1-hour and 4-hour charts, they have entered oversold territory, and the downward momentum is gradually exhausting, indicating a need for technical repair.

Overall main strategy: Follow the trend; do not rush to buy the bottom.

Hold short positions: Reduce positions in batches around 60k. For remaining positions, raise the stop-loss for defense. If support holds, avoid a deep rebound that could eat into profits. Once it breaks below 59,500 with volume, you can hold positions to target the lower range.