The market has fallen as expected. If there are fans who have been following our articles, they should know that we have been reminding everyone not to engage in long positions since last week. Currently, market liquidity is tightening, and there will certainly be a significant correction. In today's morning report, we also informed everyone that the current market trend is risk-averse, and it is better not to participate. Currently, Bitcoin has broken the consolidation range of nearly three months, and the bearish trend has already begun. The only variable now is the PCE data coming out on Friday night.

As for the importance of the PCE data, you can refer to yesterday's article.

From a technical perspective, it is recommended to pay close attention to the key level of $BTC 8 million. This position is the most important support level in recent times and is a critical point contested by both bulls and bears. If this range is effectively broken, it may trigger greater selling pressure, and the price may have to return to the early stages of the bull market.