On a macro level, affected by the delay in the release of key economic data, the market has begun to reassess the feasibility of the Federal Reserve's recent interest rate cuts. This adjustment in expectations has directly pressured growth sectors such as technology stocks and encryption assets, which are highly sensitive to liquidity. The stock markets in Japan and South Korea have responded with significant declines, with the South Korean composite index nearing a 4% drop. The sentiment in the venture capital market has also weakened in tandem, and the overall performance is not optimistic.

From a technical perspective, Bitcoin has entered a potential bear market confirmation phase, with a second major fall breaking through the key level of $96,000. The funding side shows multiple pressures: institutional demand has rapidly cooled, ETF fund inflows have significantly weakened, long-term holders continue to sell, retail investors' willingness to enter is low, and the short-term market clearly leans bearish. Bottom-fishing requires patience to wait for a reversal signal confirmation, either the MACD histogram turning positive or the price successfully recovering the $100,000 level, to avoid the risk of facing continuous losses by entering too early.
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