Bitcoin experienced a significant decline in the evening, primarily due to the combined impact of three factors:

• Negative policy surprises: Trump plans to raise tariffs on China, directly releasing a clear negative signal, causing market risk aversion to rapidly increase, with the demand for capital safety driving up selling pressure.

• Cross-market emotional transmission: In the evening, both US and European stocks weakened simultaneously, and the cryptocurrency market, as a typical risk asset, was dragged down by this sentiment and failed to stand out, following the downward pressure.

• Institutional bearish sentiment intensifies confidence shock: The UK's largest retail investment platform Hargreaves Lansdown publicly warned of risks, clearly advising clients to stay away from Bitcoin, and pointed out its "lack of intrinsic value," further undermining market confidence in buying.

Subsequently, focus should be on the support strength in the 116000-115000 range. If this support fails, the downward pressure will be further released. From the perspective of short-term small-scale trends, Bitcoin is likely to return to a daily downtrend and does not currently have the conditions for stabilization and rebound. $BTC #美国加征关税 $ETH #隐私叙事回归 $SOL #BNB市值超越XRP