#数字资产市场洞察 Bitcoin last night experienced volatile price movements, briefly breaking through the $90,000 mark during the night, but quickly retreating within two hours to $86,000. The rebound faced significant selling pressure, and the bullish momentum continued to weaken.

The Bank of Japan is about to announce its interest rate decision, which undoubtedly adds uncertainty to the subsequent market trend. From a technical perspective, it is unlikely that Bitcoin will challenge the previous high of 94,500 before the end of the month. Instead, the focus should be on the key support level of 80,000—if this level is effectively broken, it could trigger a new downward cycle.

Currently, the market panic indicator has limited effectiveness. The overall market logic is similar to last year's bear market phase, with pessimistic expectations still fermenting. What is more concerning is the performance of altcoins: before Bitcoin hits a new low, coins like ZEC, ASTER, and HYPE have already collectively bottomed out, indicating that valuation bubbles are far from being fully squeezed. The reasonable price range for these projects may take longer to confirm.

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