Market Analysis:

The current market is in the bottom-fishing stage following a thorough restructuring. Gold has fallen to as low as $4,500 amid intense competition between "interest rate suppression" and "geopolitical risks," while the crypto market is testing key support levels amid panic sentiment.

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1. The Federal Reserve's decision not to cut rates is the core reason for gold price pressure. Gold has fallen for seven consecutive trading days. After breaking below the key psychological support of $5,000, bullish confidence collapsed, with retail and institutional investors simultaneously following suit in selling, causing significant outflows from gold ETFs, which further amplified the downward momentum until minor buying interest appeared near $4,650;

2. From a medium to long-term perspective, the persistence of geopolitical tensions may lead to slowing global economic growth, triggering fiscal and monetary stimulus measures globally. Market concerns about U.S. fiscal sustainability continue to intensify, and the de-dollarization process and global central bank reserve asset diversification continue to advance, which will open up space for gold's upside;

3. Currently, BTC is oscillating around the $70,000 level with a decline far smaller than its performance under similar macro shocks previously. Continuous net inflows from ETFs provide strong buying support for the market. Ethereum is testing the critical support zone around $2,100, where there is strong buying support nearby.

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Special Reminder: The current market is experiencing severe volatility with negative factors still being digested. For gold, observe and wait for bottoming; for crypto, strictly control positions and avoid chasing bottoms. Stop losses must be in place.