Many people are still asking me: Where’s the support for bitcoin:native? To be honest, after looking at this daily chart, I have only one answer: There is no support. From 120K to 90K, from 90K to 60K, every rebound after a drop has gotten weaker and weaker. Every so-called 'bottom' has eventually turned into a new resistance level. Now the price is back near the previous low, but the market shows almost no decent buying support. What will truly determine whether BTC can hold its ground is no longer on-chain data, the halving, ETFs, or those so-called big influencers hyping it up. It’s the U.S. stock market. As long as U.S. stocks continue to adjust and global risk assets keep getting sold off, BTC doesn’t have the ability to rally independently. BTC right now feels more like a high-beta risk asset, not the Bitcoin that once had its own independent bull and bear cycles. So stop asking me if 60K is the bottom. Where it bottoms out doesn’t depend on BTC itself. It depends on when the U.S. stock market stops falling. The biggest bearish factor for BTC right now isn’t hitting new lows. It’s that near these new lows, there’s almost no decent support in sight. When everyone is looking for the bottom, the market often hasn’t truly bottomed yet.