#数字资产市场观察 The first trading day of February saw extreme market fluctuations. In the morning, it plummeted more than 4000 points from its peak, with a large-scale liquidation of long positions and market sentiment indicators slipping into the extreme fear zone. Altcoins were not spared, collectively adjusting alongside mainstream coins.

The trigger for this sharp decline is likely rooted in the hawkish signals released by the Bank of Japan. The expectation of interest rate hikes has raised global liquidity concerns, with risk assets being the first to suffer. From a technical perspective, the weekly level remains in a consolidation phase, and the longer-term trend has yet to turn upward.

The current key support is at the 85000 level. If this position cannot be held this week, the possibility of a drop to 80000 will significantly increase. The market is in a sensitive window period—candidates for the Federal Reserve Chairman, Powell's statements, and this month's interest rate cut decision (generally expected to be 25 basis points) could all become directional catalysts.

Short-term operation interval reference:
• $BTC 85000-88500
• $BTC 2750-2930
• $ETH 122-132

Overall judgment is cautious. The rebound space is limited, and it is recommended to control positions and wait for the trend to clarify before making arrangements.