The core of today's crypto market is not narrative, but macroeconomics.

The Middle East situation is pushing up oil prices, global yields are rising, market expectations for Fed rate cuts are cooling rapidly, and risk assets are under overall pressure.
Although BTC has reclaimed the area around $70,000, it currently looks more like a "high-beta risk asset," not a safe-haven asset.
My assessment:

Around $70,000 is a short-term sentiment dividing line

As long as oil prices and yields continue to surge, rebounds will likely be defined as technical corrections

A true trend reversal requires macro pressure relief + policy/liquidity catalyst returns

In trading, look at macroeconomics first, then narrative.
Look at liquidity first, then conviction.
‍#BTC #ETH #比特币 #加密市场 #MacroTrading