Last week, the S&P showed the expected bull-to-bear transition, with a big bearish weekly candle breaking through the bull market support zone and the top consolidation range. 1. U.S. stocks enter a bear market, index down 20%+, individual stocks down 50%+ 2. BTC's peak came earlier than U.S. stocks, but its bottom usually aligns with them. $BTC at 60K is similar to 30K in the last cycle—still far from the bottom.