BTC falls back to 84K, many people are saying the market is over again? Last night, BTC plummeted from 87K to 83.5K, and many people's first reaction was that this round of market was over again. However, looking at the data of US bonds, crude oil, spot and contracts together, this time it seems more like a typical long deleveraging, and Crypto's own structure is not yet bad. The US 10Y dropped from 4.96% to 5.11% in one day, and the September PMI surged to 58.4, with Brent once again standing above $100. The economy is too strong and energy is expensive, so the market naturally begins to reprice inflation and interest rates: When US bond yields rise, US stocks fall first, BTC follows suit, and high beta stocks such as SOL and XRP fall even more. BTC fell by about 2.6%, while Binance perpetual OI dropped from about $9.24 billion to $8.28 billion, with a direct drop of about 10% in 24 hours. Funding has also returned to near 0 from the previous 0.01%/8h. A price drop, a significant decrease in OI, and a return to zero funding rates are more like long positions being washed out of leverage. If it is a new round of trend short selling, the more dangerous combination is usually a price drop, an increase in OI, and continuous negative funding. So 84K is crucial, and in Glassnode's latest on chain data, 84K-85K happens to be the largest long-term holder supply intensive area. The truly important mid-term cost support below is around 77K, while the MVRV resistance above is at 96.7K. That is to say, 84K holds, and the repair structure is still in place. We can still look at 90K-92K and 95K-97K again in the future. If 84K falls, first look at 82K and 80K. If it effectively falls below 77K later, then the trend market is considered to have ended.