Today's homework is a bit challenging, mainly due to the drop in $BTC during the early morning. I'll share my personal views; I haven't found any negative information. Comparing the Nasdaq and S&P, Bitcoin's drop was ahead of the others. At 3:10 AM, when the first drop occurred, the U.S. stock market was still performing well, but at 3:34 AM, the second drop coincided with the U.S. stock market.

Even the declines in the Nasdaq or S&P don't have a clear reason. If one must say there is a reason, it could very well be that Nvidia is taking advantage of the situation. The continuous positive news over the past two days has led to a significant rise in Nvidia's stock. I've seen many comments in the English-speaking community suggesting selling cryptocurrencies and other stocks to buy Nvidia, though this may not be the actual reason for the downturn, just something I've observed.

I reviewed a lot of information and data for a long time and found no clear indicators that would lead to a drop. Therefore, I think it could be the result of some investors shifting their positions. Overall, the trend of the U.S. stock market is still quite good, and the correlation between Bitcoin and tech stocks has been consistently validated, so I personally don't see a major issue.

Looking back at Bitcoin's data, today's turnover rate is almost the same as Monday's. Even though the price of $BTC has seen some pullback, it hasn't triggered much panic, as there hasn't been any actual negative information. Therefore, I am still holding onto my long position opened at $106,000, even though it has been pushed back several times after breaking through $116,000.

However, from the URPD data, the current chip structure is very stable. Aside from the current price, it’s almost a flat line, indicating that investor sentiment is stable and there hasn't been much change in chips due to price fluctuations. The focus this week remains on the Federal Reserve's interest rate meeting.

This article is sponsored by #Bitget ｜ @Bitget_zh

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