Bitcoin dropped from $126k to $60k, halved.

From the October high to now, the pullback exceeds 50%.
Four lines tightening simultaneously:
1. US stock risk appetite declines (tech stocks dragging down)
2. Macro + geopolitical pressure (Fed hawkish + US-Iran conflict)
3. ETF funds continue to flow out (net outflow of nearly $3 billion in June)
4. Strategy leverage model under pressure (STRC below par, "Saylor bid"失效)

What's more painful: Strategy reduced BTC holdings for the first time, breaking the "only buy, never sell" belief narrative.
Analysts say: This is a "turbulent downward period," with $58k as the next key observation level.
Do you think this is the end of the bull run, or a washout at the bear market bottom?
#BTC #比特币 #Bear market