Entering the Asian trading session, Bitcoin is attempting to hold the critical support level of $91,000 after experiencing a significant decline yesterday. Market analysts generally believe that this recent correction is a normal adjustment following the rapid rise at the beginning of the year—after all, virtual assets surged so much in less than a month, and it’s not surprising that many investors have started to take profits, leading to increased selling pressure.

According to market data, Bitcoin fell over 2% yesterday, even dropping to $90,629 at one point during the session. The overall crypto asset sector is also not very optimistic, with an index tracking the top 20 cryptocurrencies declining nearly 4%, with XRP performing the worst, dropping more than 8%. Ethereum also declined by 3.6%, even though Morgan Stanley announced plans to launch a spot Ethereum ETF, which seemingly failed to provide support.

Interestingly, this round of selling coincided with the Nasdaq rising slightly by 0.5%, and the situation in precious metals is also quite complicated—gold fell back by 1%, while silver dropped even more sharply, shrinking by 5%.

Regarding digital asset concept stocks, although MSCI announced a few days ago that it would temporarily exclude MSTR from its index, this news did not provide a significant boost to the sector. MSTR itself performed relatively well, rising by 1% barely, but other related stocks were quite weak, with Bitmine Immersion down 6%, Sharplink Gaming down 2%, and XXI down 5%.

From the weekly chart, the ratio of MSTR to iShares Bitcoin Trust has been bouncing near the 3 level for the second consecutive week, currently stable around 3.11. Looking back to March 2024, this ratio was supported around 3 before rising steadily, eventually reaching a peak of 9.5 in November last year, which was also when MSTR hit a record high. Currently, the key focus for the bulls is whether the support at 3 can continue to hold, as this will be crucial for the subsequent trend.