BTC has currently dropped below 70,000 to 69,100 points. The current support level is the starting point of the explosive surge for the U.S. election on November 5, 2025, at 68,800. The lower Bollinger Band support on the monthly chart is at 55,000, which is also near the support level for the range of 48,900-73,800 during the monthly cycle from August to November 2024. If the market continues this small fluctuation followed by a large drop, then breaking below 70,000 will likely lead to breaking below 60,000. The specific situation still needs to be analyzed gradually based on future market movements and indicator changes; in any case, it is definitely not the time to enter the market for spot trading right now.

Currently, the support is at 68,800, and the 6 and 12-day indicators are bearish, with only the 4-hour indicator showing signs of a pullback, whereas the 1-hour MACD has formed a second death cross at the bottom, and the KDJ is currently at a death cross at the bottom. The volume of short positions is increasing, and now a bearish candlestick has appeared. Although the 1 and 4 indicators do not clearly indicate a certainty of a pullback, there is a probability. Now, the mid-term indicators have been disrupted by the sharp drop, and changes in the short-term indicators are needed to drive the recovery of the mid-term indicators. Therefore, trying to see whether tonight's movement will be up or down is risky.

Summary: Now is not the right time to enter the market for spot trading; we need to wait for the combination of future indicators to provide an answer. Additionally, caution is required in contract trading tonight; it’s better to miss an opportunity than to make a mistake. The large fluctuations in the market are dangerous, so consider entering only after the short-term indicators show a clear direction.

Personally, I see 69,100 as the bottom for today's wave, and the market needs to pull back to 73,000 before entering a range of fluctuations.