Bitcoin and the US stock market are completely diverging. Clear market contrast—— Bitcoin fell to its lowest level since April 7th on Tuesday, with a single day drop of over 4%, and a cumulative drop of about 8% in the past 7 days. At the same time, the S&P 500 reached 7600 points and Nasdaq broke through 27000 points, both setting new historical highs. One is at a new high, and the other is at a new low in two months. Bitrue Research Director Andri Fauzan Adziima pointed out that—— Bitcoin is almost the only asset among the major asset classes that has significantly shrunk. The market is treating it as a high beta risk asset driven by macro sentiment, rather than an independent hedging tool. But he believes that this divergence is more likely to be cyclical, and once the macro situation improves, Bitcoin is expected to strengthen again. Santiment points out a phenomenon worthy of vigilance—— The US stock market provides higher returns and lower volatility, and some funds are flowing from cryptocurrency to the stock market, forming a capital rotation. But when there is a widespread sentiment of "stock FOMO, cryptocurrency FUD" in the market, it often means that expectations have become overly one-sided - and historical experience tells us that the market often goes against the expectations of most people. There is a key position in the technical aspect—— Bitcoin is approaching a 200 week EMA, around the $69000 range. This line has long been regarded as an important support for the bull bear cycle. Hold on, may stabilize; When it falls through, its nature changes. When everyone is bearish on cryptocurrency and bullish on US stocks, it is precisely the time when they need to stay clear headed. The line of 69000 is the most crucial answer next.