The bears are here! Has the trend reversed? The extreme reversals of the past two days have resulted in significant losses for many market positions. The pre-election drop followed by a post-election rebound pushed BTC back to 81K, but this failed to generate sustained buying. Then, the US tech sector plummeted, causing crypto funds to withdraw, amplifying both active selling and forced liquidation of long positions. Now, it's testing support at lower levels, awaiting tonight's non-farm payrolls data to see if it can bring in buying again. The bulls are betting on the non-farm payrolls data tonight; the previous figure was 29,000, and the expected figure is 69,000. The fundamentals have been too influential these past two days. The US-Iran crisis remains unresolved, crude oil rebounded again today, putting pressure on gold, and the probability of a December rate hike remains above 86%. The market is shrouded in a bearish environment, and the short-term trend remains at risk of further decline. Technically, the daily EMA has formed a death cross, creating the first reversal condition. If the price breaks below 75K in the next two days, the daily trend will be confirmed as reversed, potentially leading to another test of the 60K level. I'm currently holding a long position in BTC at 78K, which is trapped. If the daily candlestick breaks below 75K, I'll have to sell all my holdings and trade with the trend. Although prices have fallen, the Open Interest (OI) has also decreased in tandem, indicating a clear deleveraging effect. Hopefully, the price will stabilize around 75K today. Additionally, we hope tonight's non-farm payroll data will provide a cooling-off factor for the December rate hike, which would be beneficial for the market. Let's wait and see! bitcoin:native