Bitcoin's price has already fallen below the level it reached last April due to the trade war. Not only that, this is during Trump's presidential campaign, with Bitcoin being considered a strategic reserve, and it has now hit its lowest price since the U.S. designated it as the cryptocurrency capital. During the trade war, at least the reasons were somewhat clear, but this time it seems to be truly liquidity issues, causing large-scale sell-offs with even minor market movements.

Looking at the data, the actual turnover rate isn't very high, which means the market hasn't entered a panic phase. Most of the trading is from short-term investors, and early investors haven't shown obvious signs of exiting. This indicates that the amount of chips being sold isn't very high. The main reason for such a sharp decline is probably poor liquidity and low buying volume. I'll check the data during the day tomorrow to confirm.

Right now, many are saying the market isn't looking good. Let's slowly eliminate the causes. I just saw that the shutdown has ended; the House of Representatives voted to pass the bill, and it will soon be sent to Trump for signing. Let's see if the market can stop falling. The current chip structure still looks normal, with no obvious large-scale chip movements. However, the U.S. stock market is still falling; the Nasdaq has already dropped 2.5%. If the decline is truly just due to the shutdown, then it’s straightforward.

Below, a pullback to around 74,000-73,150 could be a good entry point for long positions. The rebound target could be around 76,000-77,400. For short positions, consider entering around 78,700-79,000, with additional positions around 80,400. The target could be around 77,600-76,200.