In the past 24 hours, there has been a significant leveraged liquidation, with the main long positions being cleared. Bitcoin's price dipped below the support of 105,000, and the whale James has been liquidated. Aside from Ethereum, the upward trends and structures of most cryptocurrencies have been disrupted, and the short-term outlook is not too optimistic.

However, there are no significant negative news or fundamentals; instead, there are some positive factors, such as the court halting the tariffs imposed by the former president, Vice President Vance's speech, etc., which are actually favorable for the U.S. stock market. The FTX compensation funds being disbursed are also a positive sign. Therefore, I believe that Bitcoin's downside is limited and is more driven by the futures market, as well as a technical correction, especially since it has risen for seven consecutive weeks.

In the short term, as long positions are cleared, the market should temporarily halt its decline, so I am not in a hurry to sell my spot positions. I will patiently wait for a rebound in the next few days, and depending on the situation, I will consider taking some profits. After all, both the four-hour and daily trends have formed a short-term downward trend, and the volatility of altcoins is still relatively high. This wave has lasted long enough; I will reduce my positions and observe the market during the recent peak.

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