This month, starting from this week, the cryptocurrency market has shown a significant phenomenon of capital withdrawal, and the market sentiment has rapidly deteriorated, entering an accelerated decline phase at the weekly level. Support levels that were previously regarded as key defenses have been continuously breached, and each rebound has appeared weak, indicating that the current market is not merely a technical correction, but a trend pressure caused by the simultaneous escape of capital and sentiment.

From a market perspective, the bears have already taken absolute initiative. Whether it is the structure of trading volume or the flow of funds, there are no clear signs of reversal at the moment. Although, from a technical perspective, after continuous declines, there should be a demand for repair, it is important to clarify that the market has now entered an unconventional phase. Many previously effective support, overselling, and rebound logics will be weakened in the face of extreme sentiment.

Therefore, the most important thing right now is not to guess the bottom, but to wait for the trend to re-establish itself. Going long is not terrifying; what is terrifying is blindly bottom-fishing without clear signs of trend change. Truly valuable opportunities often arise after the market re-establishes an upward structure, rather than repeatedly trying to catch falling knives along the way down.

Pressure at the macro level cannot be ignored either. The stronger-than-expected U.S. non-farm payroll data in May has caused the market to start to reprice interest rate hike risks, with expectations for rate cuts being further postponed. Meanwhile, the escalation of U.S.-China trade frictions and the continued fermentation of geopolitical tensions have led to a further decline in global risk appetite. Especially with the repeated escalation of the U.S.-Iran situation, coupled with the high interest rate expectations brought by strong employment data, a dual pressure on risk assets has formed.

Overall, the current market's biggest characteristic is not how fast it is dropping, but rather the lack of power to reverse expectations. Against the backdrop of continuous liquidity contraction and no relief in macro pressures, the bearish trend continues to dominate. Short-term repair can be expected, but before the trend truly changes, risk control should remain the top priority.
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This article is published by [Huiying Community], representing only personal opinions. Due to certain delays in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate with caution.
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