November 20, 2025

The market is still at a new low. From yesterday's situation, Bitcoin almost broke through the technical support at 90,000. In fact, from a broader trend perspective, it is now heading towards a bear market. The only hope is that it can hold at this 90,000 position and form a rebound. If there is really a rebound, it would actually be a good opportunity for most people to reduce their positions. Of course, I mentioned before that reducing positions at highs was a good idea when Ethereum broke through 3,500.

On the macro front, the current funding situation is not as pessimistic and desperate as it seems. The U.S. stock market has indeed experienced several weeks of decline, but there has not yet been a collapse trend. However, over here, we seem to be struggling to hold our ground, which is truly perplexing. According to the logic of this round of market trends, altcoins have not shown any crazy surges, and the funds driving the rise come from traditional financial markets like Wall Street. Thus, they should not deviate from the trend of mainstream assets, including U.S. stocks and gold.

Of course, in the past month, both gold and U.S. stocks have been in a high-level adjustment phase, especially gold. However, the adjustment in gold is more due to the rapid rise earlier. In fact, during a rate-cutting cycle, the monetary environment for the U.S. dollar remains loose, and under this backdrop, the decline of Bitcoin should not be too rapid. In fact, Bitcoin has also been in a high-level adjustment for a long time before this recent drop.

In the upcoming market, we will continue to maintain an overall bearish outlook, although there may be short-term rebounds. However, due to the significant actual pullbacks in mainstream assets other than Bitcoin, which have basically fallen by about half compared to their highs, any further declines will likely be slower. Therefore, if you have sufficient funds on hand, you can start dollar-cost averaging or placing grid orders to buy.

Thank you for your attention and likes.