The early morning market caught many off guard. Bitcoin dropped sharply from around 93k, directly breaking through the psychological barrier of 90k, reaching a low of 88k. Ether also started to slide from the key price level of 3100 USD, with many long positions seeing significant pullback in profits. ZEC performed even worse, falling below the 420 support level and entering a deeper adjustment range. In the past 24 hours, the total liquidation scale across the network approached the level of 100 billion USD, and market panic sentiment has clearly intensified.

The trigger for this sharp fall can actually be traced. First, there was a dramatic change in the market's expectations for the Federal Reserve's interest rate cut in December—market pricing dropped from a high probability of 88% to 40%, which means that the high interest rate environment may last longer, putting pressure on all risk assets. Secondly, new variables have emerged on the geopolitical front, as a certain major country has once again introduced tariff policies, quickly igniting global risk aversion sentiment.

Looking at the on-chain data, Bitcoin ETF has seen significant net outflows for two consecutive weeks, indicating that institutional funds are retreating. The leveraged long positions accumulated in the 90k-93k range have led to a cascading liquidation following unexpected negative news, causing a technical breakdown. This price range now appears more like a classic bull trap structure.

However, from another perspective, such levels of pullback are not uncommon during a bull market cycle. After each deep washout, the market often regains strength. The key is to see if several support levels can hold: Bitcoin's previous low range is between 81k-84k, while Ethereum needs to pay attention to the 2880-2980 area. As for ZEC, although it has temporarily fallen below important support, considering the upcoming halving event in December, the narrative logic of the privacy coin sector has not completely failed.

At the current stage, the market has entered a wide-ranging oscillation mode. Instead of betting on the direction of rises and falls, it is better to focus on position control and risk management. In an environment of increased volatility, emotional trading is often the biggest enemy. How long do you think this adjustment will last?