#加密货币市场行情 Looking back at this Bitcoin plunge, it naturally reminds me of key moments in past bull and bear cycles. From $83,000 down to $90,000, with over $500 million long positions liquidated, such intense volatility always occurs after extreme market euphoria. A closer look at the underlying reasons reveals multiple factors stacking up, including macro liquidity, derivatives leverage, and technical indicators. ETF capital outflows and a 30% decline in order book depth are signals of structural market changes.

This also brings to mind the late-stage bull market of 2017, when prices suddenly crashed after reaching a new high. History often repeats itself—excessive optimism is punished, and expectations are challenged by reality. However, unlike previous years, this time there’s the potential disturbance of the Bank of Japan possibly raising interest rates. If yen arbitrage trades reverse, global risk assets will face pressure.

As someone who has experienced multiple cycles, I advise everyone to stay calm, focus on long-term trends rather than short-term fluctuations. Although the technical picture has entered a mid-term bearish zone, bottoms are often formed in despair. The most important thing at this stage is to understand the causes of market volatility and assess your own risk tolerance. After all, Bitcoin is undergoing a process of risk re-pricing—this is both a challenge and an opportunity.