$BTC Recently, the risk appetite in US stocks has continued to weaken. Combined with the passive selling pressure from derivatives option deliveries, capital has been clearly fleeing to safety. Yesterday, a large number of long positions across the market were liquidated intensively, and short-term bearish momentum was concentratedly released, directly breaking through the short-term support zone near 60k.

As a recognized emotional watershed in the market, a large amount of chips have accumulated at the 60k level. Once effectively broken, it will open up deeper downward space. However, at the same time, on-chain whales continue to accumulate in the 58,000-60k range, indicating underlying support. In the short term, there will not be a one-sided rapid decline; instead, it will be mainly a choppy bottoming process.

On the daily level, the moving averages are bearishly arranged, and the rebound highs continue to decline. The large-cycle adjustment trend is not over yet. In the short term, the 1-hour and 4-hour charts have entered the oversold zone. The downward momentum is gradually weakening, and there is a need for technical repair.

Overall main strategy: Follow the trend, don't rush to buy the bottom.
Holding short positions: Gradually reduce positions near 60k. Raise the stop-loss on remaining positions to defend. If the support holds, avoid deep rebounds that would eat into profits. Once there is a volume breakout below 59,500, you can hold to look at lower ranges.