Bitcoin hits a new low of 85377, and today the US stock market opened with a sharp rise. The cryptocurrency market is now entirely reliant on the movements of the stock market. Tonight, the stock market should be saved by Nvidia. Long Ge mentioned yesterday, before the big drop, that Bitcoin is following the fluctuations of the stock market. It can be said that tonight's surge in the US stock market has indeed boosted the confidence in the cryptocurrency market!

The main concern for everyone is whether they can buy the dip in the future. Long Ge's opinion is that tonight's intense fluctuations do not represent stability in the cryptocurrency market. Bitcoin is following the direction of capital market flows. Currently, it seems that the stock market has driven Bitcoin's rebound, but we still need to see if funds will flow into the cryptocurrency market. If funds continue to flow out of the cryptocurrency market, then this drop to 80,000 may be hard to stop. The current approach is to look for peaks to short. At this stage, a key level is the 90,000 breakdown line. If 90,000-91,000 attempts to short, and if 91,000 hits the stop-loss, then don’t short anymore, as it indicates that funds are beginning to flow into the cryptocurrency market. This significant drop may be coming to an end. If we successfully short in this range, we can then aim to take profits around 85,000 and reassess. The above thinking is Long Ge’s views on Bitcoin at this stage. If anyone has other thoughts, feel free to discuss in the comments!