The US stock market is forming lower highs, and BTC has directly broken below its previous low. Some friends who’ve been following my posts recently might feel like I’ve been flipping between bullish and bearish views—it seems a bit back and forth. The reason is simple: this is exactly the boundary between bull and bear markets. There are reasons to be bullish, and there are reasons to be bearish. But whether I lean bullish or bearish, I always make my assumptions and conditions very clear. Where the market is tangled, so are people’s emotions. Key psychological levels in the tens of thousands have always been critical observation zones. With this slippery slide in the early hours, it’s clear that the demand for BTC at $10K is very low. Time to look for support further down. Yesterday, seeing how weak the bullish trend was, I adjusted the parameters of my quant strategy to prepare for the bear market. I halved the exposure size of long positions, so the actual leverage is now around 1–1.2x, similar to spot trading. It’s safer this way. Actually, you can still make money in a bear market. Traders aren’t afraid of markets going up or down—they’re only afraid of a stagnant market with no volatility.