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The market sentiment index today dropped to 24, clearly indicating a panic atmosphere.
Yesterday's market movement was quite classic—Bitcoin first surged towards $90,000, with Ethereum rising in tandem, but then the main force suddenly reversed and dumped, forcing the price back to where it started. This routine is all too familiar: it’s specifically used to harvest retail investors who follow the trend.
Currently, BTC is quoted at 87,213, but the key level is still below. According to liquidation data, there are many stop-loss orders for long positions piled up in the 86,300 to 86,800 range. The price precisely rebounded and stabilized around 86,800, indicating the main force's intention is clear—this is the bottom, but it’s just testing the support strength, not rushing to break through.
In terms of operation, don’t chase recklessly. Since it’s confirmed to be a wide-range oscillation pattern, follow the rhythm of “short at high levels, long at low levels.” The critical line is 86,800—holding it gives a chance to rebound back to 88,000; if it breaks below, then consider deeper support levels.
As for Ethereum, in the short term, follow Bitcoin’s lead—wait until Bitcoin truly breaks through before considering a follow-up rally. Chasing it now is more likely to get your face slapped.