🚨 [Black Friday’s cliff-dive crash, the biggest theft in crypto history sparks a liquidation cascade! Don’t blindly try to catch a falling knife!]

Guys, I don’t need to say much about today’s market. You’ve probably opened your app and felt your heart sink. This Friday is destined to go down in crypto history.

📉 Just how bad is the market?
Bitcoin plunged intraday, breaking through the 80,000 and 78,000 lifelines in succession and hitting a low near 77012; Ethereum lost 2200 and bottomed at 2180. Over the past 24 hours, liquidations across the market reached a staggering $1.511 billion, wiping out 240,000 traders. It’s a bloodbath, with bulls in agony.

🤔 Why such a brutal drop? Three bombs went off in quick succession:

1. Crisis of confidence: AnAn’s shocking $6.3 billion heist
This is the largest cyber theft in history. Hackers exploited a vulnerability to drain the hot wallet, making off with more than 160,000 ETH. Although full reimbursement has been promised, and Circle and Tether urgently froze more than $2.5 billion, this isn’t just about the money—it’s a devastating blow to institutional confidence. Even more alarming, around $3.2 billion remains unfrozen, and the hackers are continually converting it into ETH. This “sword hanging over our heads” could trigger more selling at any moment.

2. Macro and earnings hit at once: The AI narrative falls apart
The third-quarter U.S. earnings season has been disastrous. Google’s revenue fell short of expectations and its free cash flow turned negative, sending shares down 10% premarket; Intel’s data center results disappointed, with shares plunging 25% premarket. The grand AI narrative has been shattered by reality. Meanwhile, the Fed, ECB, and Bank of Japan all stood pat, providing no fresh liquidity. Risk assets have no choice but to suffer multiple contraction.

3. Technical breakdown: Daily and weekly charts both under pressure
BTC has clearly broken below the 80,000 and 78,000 support levels and is now battling to hold the 200-day EMA at 76423; ETH’s situation is even worse, having fallen below all short-term moving averages, with the RSI dropping to a severely oversold 28 and core support below shifting to 1823. The daily breakdown, combined with the weekly downtrend, means this isn’t an intraday shakeout but a stress test of the medium-term structure.

⚠️ A few heartfelt words from Yibo:

Right now, many people are thinking, “It’s fallen so much—it has to bounce soon, right?” or “It’s so cheap—should I buy the dip?”

Guys, take my advice: trying to guess the bottom in a breakdown is like trying to catch a blade with your bare hands! Ongoing selling pressure from the hackers, panic triggered by earnings, and cascading stop-losses from algorithmic trading bots are all feeding this negative feedback loop. Don’t focus on “how much it can bounce” right now; focus on “whether it can stop falling.”

🛡️ What should you do next?
For BTC, watch the two lines of defense at 76423 and 75766 (the 50-week moving average). Only if it consolidates on declining volume in the 76000-77000 range and forms a 4-hour bullish divergence or a strong bullish candle that reclaims 77800 can we call a bottom.
For ETH, 2200 has already been lost. The bearish trend won’t change until it reclaims the 200-day EMA at 2313; below, watch the 2000-1823 support zone.

When a crisis of confidence and a technical breakdown happen at the same time, protecting your principal and staying in the game matters more than anything. The priority now isn’t to “seize the opportunity,” but to “preserve your ability to participate.” Keep positions light, use stop-losses, and don’t hold on stubbornly.

🔍 Tonight’s livestream, we’ll discuss just three key questions:

Where exactly is the support below? How should we defend key support levels?

How do you tell a genuine “bottoming signal” from a false one? What pattern would be the moment to pull the trigger?

How can you recover if you’re trapped in a position? If you’re holding long positions or can’t resist buying the dip, how should you manage your positions?

⏰ Tonight (20:00), bring your questions and join us in the livestream.
Subscribe, and I’ll review everyone’s positions and help set a strategy one by one. We’re in this together—let’s weather this weekend’s shakeout!👇