The three major demands driving the bull run (spot ETF, US elections, institutional allocation) have all been exhausted, and Bitcoin ETH has entered a new bear market cycle.

The recent trend of Bitcoin has been significantly influenced by the movements of Bitcoin itself, while there have also been certain changes in its fundamentals. Although the "Fusaka" upgrade has notably optimized the network's fundamentals, the market's valuation logic for smart contract platforms is undergoing a shift. Investors are focusing more on the actual transaction fee burn and deflationary effects brought by on-chain activities, rather than merely the narrative of technological upgrades. This has also led to ETH previously struggling to maintain the $3000 mark.

The cryptocurrency market is showing a clear "bull-bear split." The policy path after the Bank of Japan's interest rate hike, the progress of reconciling internal policy differences within the Federal Reserve, and the actual degree of pressure on the funding situation at the end of the year.

Today's position operation suggestion: Bitcoin: You can enter long orders around 87700-88300, with a target of 89900-90800. If it breaks through, continue to look towards 92000.

ETH: You can set buy limit orders at 2970-2995, with a target of 3068-3080. If it breaks through, you can look at the 3150-3220 level.
$BTC #今日你看涨还是看跌？