1) Texas has passed a strategic Bitcoin reserve bill, awaiting the governor's signature.

2) Israel and Iran are in serious conflict, which is detrimental to the market.

3) The global bond market is interconnected, with recent signs of weakening in Japanese, British, and Dutch bonds due to their respective issues;

Currently, there are no solutions to the above problems, so the bond market will continue to be under pressure, with the 10-year U.S. Treasury yield exceeding 4.6%, likely to continue rising, affecting the sentiment of risk assets, leading to a triple hit on U.S. stocks, bonds, and currencies; there will also be some auctions of government bonds with maturities of 7 years or less later this month, and there will be auctions of 20 and 30-year government bonds in mid-June, which are likely to be very poor.

What does the above information imply?

When global bond yields rise sharply, borrowing costs will increase, making this a bad situation in the long run; it could be a ticking time bomb, especially if the Federal Reserve continues to not lower interest rates or if another piece of news directly triggers a market reaction.

U.S. stocks have already felt the pressure, closing down 1.91% last night, but BTC rose against the trend, mainly due to James's bullish position and Insider's conflict. Sentiment has directly improved, with James increasing his long position to $1.1 billion, and BlackRock also purchased $537 million of BTC last night. This is a personal highlight for BTC.

If BTC stabilizes at $110,000, there will be a rebound, but if it cannot stabilize, altcoins will drop even more sharply, as they are all reliant on BTC.

There is no upward trend that lasts forever, nor a downward trend that lasts forever; once short positions are squeezed out, long positions will be quickly eliminated.

Today's market situation: based on sentiment

The main support level for BTC is in the $106,000 range; if it breaks below this, it will definitely head towards the bullish $104,000 level.

BTC is expected to explode short positions near $114,000 today. A pullback will begin.