⚡️BTC Breaks Below 72K, Six Pressures Overwhelming the Market: Is the Bull Market Really Over? Currently priced around 70,500, the price has seen two consecutive days of heavy selling, wiping out bulls. This decline isn't due to a single negative factor, but rather the result of six pressures acting simultaneously. This week's drop wasn't caused by a single negative factor; six factors are at play. First, long-term US Treasury yields remain high, draining liquidity from global markets. The 10-year US Treasury yield rose to 5.133%, and the 30-year yield to 5.457%, both jumping sharply. Without a decrease in long-term interest rates, assets whose valuations are supported by "long-term narratives" will not see a reduction in their discount rates. Second, the US dollar index strengthened to 103.17, putting pressure on risk assets. The US dollar index rose 0.26% on the 12th, closing at 103.174. A stronger dollar leads to capital flowing back into dollar-denominated assets, draining liquidity from risk assets. Third, the rebound in oil prices, coupled with expectations of interest rate hikes, and the unresolved conflict in the Middle East, have contributed to the situation. Trump stated that "a deal with Iran is unnecessary," causing Brent crude to rise 3.3% to $95.82 and WTI crude to rise 2.55% to $88.74. The oil price rebound has reignited inflationary pressures. The probability of a December rate hike is approximately 90%, and the probability of a 50 basis point hike has risen to 10%. Fourth, CoreWeave's CDS is at 1152 basis points, with bond yields at 15.5%. The market-priced default probability is approximately 60%. The model of financing AI infrastructure through high-yield bonds has triggered early warnings from the credit market. Fifth, tech stocks are falling, but the way they are falling has changed. The Nasdaq fell 0.39% on the 12th, and Nvidia fell more than 4%. This is no longer a single-day collapse, but a sustained, gradual decline. The cracks in the AI faith have not healed; they have simply shifted from an "acute attack" to a "chronic attrition." Sixth, the Democratic Party wants to restrict the construction of AI data centers. In Texas and Georgia, AI powerhouses, Democratic governors have pledged to halt approvals for new data centers. If data centers can't be built, who will buy chips? The AI capital expenditure narrative has hit a political wall. These six factors converge, pointing to the same conclusion: global market liquidity is drying up, and risky assets, including US stocks and Bitcoin, are exiting the market. BTC's subsequent drop to 68K-70K is the first hurdle, and also a strong support level. If the AI bubble bursts in 2027, triggering a US stock market crash and a global financial crisis, it's very possible that BTC will fall back to 58,000! Even a drop to 45,000 is not impossible. Let's first examine the support effect after the price drops to 68K-70K, as well as various data and macroeconomic fundamentals, before making any analysis or judgment.