Woke up early and saw BTC drop to around 87, didn’t expect it to hit the support level I mentioned last night so quickly. Looking at the market, there are a lot of speculations about the reasons. Some say it’s due to policy impacts in Chinese-speaking regions, but I don’t think that’s a big factor. Then there’s the Bank of Japan’s governor turning hawkish, possibly raising interest rates. Plus, U.S. stock index futures are also dropping, so maybe that’s scaring the market. After all, if the yen’s interest rates go up, the USD/JPY carry trade takes a hit, and a lot of funds might exit early. I’ve talked about this multiple times before. But personally, I still think this chart explains it better. After a nearly 20% drop like this, it takes time for the market to recover. During this recovery process, it’s completely normal to see fluctuations back and forth, just like the boxed area I marked earlier. When it rebounds to a certain level, it might drop again due to profit-taking or the lack of new bullish news to push it higher. These back-and-forth fluctuations are normal. Sometimes, the candlesticks just move like this without any specific reason. As long as there’s still positive news to look forward to (like further confirmation of a December rate cut, or the announcement of a new Fed chair soon), and no major negative news causing widespread panic, To put it simply, as long as it stabilizes around 845-87, And doesn’t break below the 8-handle, there shouldn’t be any major issues. Let’s see how U.S. stock market sentiment plays out tonight. Oh, and don’t forget, the U.S. is stopping QT on 12/1 in their time zone!