Bitcoin fell below $87,000 early this morning, with a drop of over 10% in the past half month. However, what is truly concerning is not the drop itself, but rather that the market has already begun to collectively give up.
Placeholder VC partner Chris Burniske bluntly stated that he has not yet bought in, watching support levels down to 80,000, 74,000, 70,000, and even below 58,000 and 50,000. Bloomberg strategist Mike McGlone has made it clear that, against the backdrop of a rebound in stock market volatility, the probability of ETH dropping below $2,000 is now higher than that of returning to $4,000.
Traders are also collectively hitting the brakes. Eugene Ng has directly chosen to exit the market, admitting that the high cycle structure 'does not look good'; on-chain data shows that BTC is under pressure in the critical cost zone of $84,000, and once it breaks down, $80,000 may just be a midway stop.
The more critical point is that macro and sentiment are diverging. The US stock market has repaired its decline, but Bitcoin is clearly weaker, with off-market funds continuously absent. Analyst Titan of Crypto pointed out that a two-month level MACD has shown bearish signals, which historically often corresponds to a retracement of over 50%.
The market is providing answers through action:
This is not a washout; it’s more like the beginning of a cycle flipping.
