Brothers, is it time again for a once-in-a-lifetime opportunity to buy at the bottom? Don’t rush; today’s article will provide a thorough analysis. If you patiently read to the end, you’ll understand what’s really happening in the market and what the best decisions are.

Let's talk about last night's crash; it is no exaggeration to say that this is the most thorough 'indiscriminate decline' in recent times, with every type of asset refreshing its recent disastrous state.

Silver plummeted 19% in a single day! It directly wiped out all the gains from this wave, and some have calculated that to break even, it might take as long as 10 years.

U.S. stocks have all fallen, with the Nasdaq crashing, tech stocks leading the sell-off, and software stocks plummeting to absurd levels. The SaaS sector has dropped to its lowest point since November 2023, with overselling levels nearing historic extremes and teetering on the brink of collapse.

Bitcoin is no exception, continuing to plummet by 12%, directly breaking through the previous bull market peak of 60k.

However, brothers, the most bizarre thing is not that global assets are plummeting, but that this time the drop has four inexplicable anomalies.

The first anomaly: Bitcoin itself has no bad news! There has been no project collapse, nor has regulation increased. All declines come from macro-level transmission, simply put, it is 'being dragged down.' Yet, even so, the so-called 'support line' was easily broken, indicating the level of market panic.

The second anomaly: U.S. stocks have not experienced a 'V-shaped rebound'! This is the first time since Trump took office that even with severe declines, there would usually be some 'support' action; this time, however, it completely failed to materialize, and the market has plummeted without bouncing back.

The third anomaly: 'Bad news turning into good news'! Last night there seemed to be favorable news—initial jobless claims in the U.S. surged, and job vacancies dropped to the lowest since 2020. According to past logic, 'bad news is good news,' the market should have rebounded, but instead, it fell even harder, which is bizarre to the extreme.

The fourth anomaly: No one is intervening! This is the most critical point. Federal Reserve officials, U.S. Treasury officials, and Trump have not spoken out or taken any action to stabilize the market, which sharply contrasts with the past attitude of intervening at the first sign of a drop. This is the core reason for the panic spreading.

In such a bizarre anomaly, the only cause of the crash I can think of is a chain reaction triggered by liquidity exhaustion?

After all, looking back at history, every major drop in Bitcoin is closely related to macro liquidity issues. March 2020: The global liquidity crisis erupted, a dollar shortage swept the globe, and all assets were sold off for dollars, and Bitcoin naturally couldn't escape.

2022: The Federal Reserve began its interest rate hike cycle, and risky assets faced systemic deleveraging. Bitcoin, being a highly volatile asset, was the first to suffer. 2024: After Bitcoin ETF approval, the market experienced 'buying the expectation, selling the fact,' fundamentally still a result of capital fleeing due to tightened liquidity.

Now that the crux of the decline has been found, the most concerning question in the market is: When will Bitcoin stop falling?

Bai Ge believes: It is difficult for Bitcoin to stop falling! Unless there is clear positive news and substantial capital inflow, the current buying power alone cannot stop the downward trend—panic has spread throughout the market, and everyone is fleeing without considering the cost. Relying on scattered buying power cannot support the market.

More critically, the current price of Bitcoin has already fallen below the shutdown price of mining machines. According to on-chain data, with the current mining difficulty and a price of $0.08 per kWh, including models like the Shennma M60S, Avalon A1466I, and some Antminer S21 series, these mining machines have reached the shutdown price. Miners, in order to maintain operations, can only be forced to sell their Bitcoins to recover funds. Bai Ge can clearly state that the spike to $59,980 last night was likely caused by concentrated selling from miners, which is corroborated by the instantaneous trading volume on the market.

Secondly, the bullish trend has been completely broken! The spike to $59,980 directly shattered the expectations of the vast majority of the market for future trends—yesterday, Bai Ge mentioned in the article that the extreme could see $63,000, but I didn't expect that even $60,000 couldn't be maintained, which shows how strong the bearish forces are.

Now everyone is most concerned: Is $60,000 the bottom? Bai Ge's personal opinion: Even if it's not the bottom, it's close enough. This spike actually indicates a problem—short sellers have made every effort to attack but failed to hold the $59,980 position, instead activating buying power below, so Bai Ge predicts that if the market tests $60,000 again, as long as it doesn't break below, there will be a rebound.

Alright, I've covered the fundamentals. What's left is to discuss how to operate next. No matter how chaotic the market is, the practical approach should remain steady. Below, I will share my overall operating thoughts.

Currently, Bitcoin has briefly broken through 66k. Here, pay special attention: if it can stabilize above 66k on an hourly basis, it could rise to around 68k; looking below, focus on around 64k. If it breaks down with volume and the rebound cannot recover, consider entering a short position lightly.

Upper resistance levels: 66k→67k→68k (gradually increasing, each resistance level needs to be broken with increased volume, otherwise it is a false rebound).

Support levels below: 64k→62.5k→61.5k (focus on 62.5k; if it breaks below 64k on a 4-hour basis, then look further down to the 62k→61k range).

One more thing: The lower boundary of the current range is 66k, which has transformed from a previous support level into a current resistance level—if it can stabilize above 66k again, there is a chance to rebound to 68.5k, returning to the previous range's trajectory. At that time, Bitcoin might temporarily stop falling; if it cannot stabilize effectively, during market pullbacks, it is best not to break below the key support of 62.5k. Once it breaks below, it will need to test the previous low of $59,980.

Ethereum: Compared to Bitcoin, Ethereum is much weaker, focusing on high and low points and 4-hour trends. Upper resistance levels: 1930→1975→2015, short-term can consider shorting near resistance levels without chasing highs. Lower support levels: 1870→1815→1750, three effective support levels; short-term testing trends near support levels should not blindly catch the falling knife. Important reminder: If it breaks below 1825 on a 4-hour basis, only two support levels of 1750→1700 will remain below. Once it breaks below 1750, Ethereum may face further corrections; risk control must be done well.

Finally, I want to tell everyone that Bitcoin has currently dropped to the oversold range, and near $60,000 is likely close to the bottom. However, stopping the decline requires positive news and the cooperation of funds; otherwise, there will be further fluctuations and corrections. The current market's panic sentiment has not dissipated, and surviving is more important than anything else. Bai Ge will continue to track liquidity turning points and changes in the market, and will update everyone immediately with any new developments.

Alright, that's all for today. Looking at Bai Ge's analysis, we don't seek to get rich overnight but aim to become wealthy steadily. To prevent those who want to find Bai Ge from missing out, everyone is welcome to like and follow for updates. The next time the market changes dramatically, you can receive the alert immediately.