The Nasdaq 100 Index $qqq has fallen near the annual line (ma250). A drop of 11% from the peak is still considered normal. Typically, the Nasdaq rebounds after every 10-15% pullback, and since most of the bad news has already been priced in, it should hold up here; we just need to hang on a bit longer.

As for Bitcoin $BTC , first we need to observe today's summit, and then look at the Nasdaq's movements. If it cannot rebound or fails to break the previous high after a rebound, it would signal a clearer transition from bull to bear.