Analysis: Bitcoin is under pressure again, and risk sentiment in the US stock market is suppressing the cryptocurrency market Odaily Planet Daily reported that Bitcoin weakened again after the opening of the US stock market on Wednesday, briefly hitting around $77678 before falling back, continuing the structural trend of "strong in the Asian session and falling back in the US session" since the beginning of this week. The market is focusing on the upcoming release of Nvidia's financial report, which is seen by multiple institutions as one of the most critical macro volatility triggers of the quarter. Affected by this, the pre-market sentiment of the US stock market was cautious, with the S&P 500 falling by about 1.3% at one point before rebounding slightly, but overall risk appetite remained weak. In terms of on chain and spot structure, the Coinbase Premium index has fallen to a several month low, indicating continued weak buying in the US market. This indicator has been consistently negative recently, reflecting a relatively insufficient demand for spot goods in the US region. Even though BTC prices remain high, marginal buying has not increased synchronously. Technically speaking, Bitcoin has once again fallen below the 21 week moving average (21W EMA), and analysts have pointed out that this level may shift from support to pressure. If it cannot rebound in the future, it will increase short-term volatility and pullback risks. Overall, the market has entered a wait-and-see state amidst major technology financial reports and macroeconomic uncertainty.