November 20, 2025

The market is still at a new low. From yesterday's situation, Bitcoin almost fell below the technical support of 90,000. In fact, from the overall trend, it is now heading towards a bear market. The only hope is that it can hold at the 90,000 position and form a rebound. If there is really a rebound, it would actually be a good opportunity for most people to reduce their holdings. Of course, I mentioned reducing holdings at high points a few days ago when Ethereum broke through 3,500.
On a macro level, the current funding situation is actually not as pessimistic and desperate as it seems. The U.S. stock market has indeed experienced several weeks of decline, but there has not been a collapse yet. However, we are a bit disorganized here, which is truly puzzling. According to the logic of this round of market conditions, altcoins themselves have not experienced any crazy surges; the funds driving the increase come from traditional financial markets like Wall Street. Therefore, it should not deviate from the trends of mainstream assets, including U.S. stocks and gold.
Of course, over the past month, both gold and US stocks have been in a high-level adjustment phase, especially gold. However, the adjustment of gold is more due to the rapid rise earlier. In fact, during the interest rate cut cycle, the monetary environment for the US dollar remains loose, and against this backdrop, the decline of Bitcoin should not be too rapid. In fact, Bitcoin has also been adjusting at a high level for a long time, and it is only now that it has started to drop.
The upcoming market will continue to maintain an overall bearish outlook, with a possibility of short-term rebounds. However, due to the significant actual retracement of major assets aside from Bitcoin, which have generally dropped about half from their peaks, the downward speed will be relatively slow. Therefore, if you hold...