Looked at the market data of the S&P 500.

Futures are indeed falling, but this rebound is actually quite strong—if it doesn't break the previous high, it can only be considered a rebound, and this must be acknowledged. From a technical perspective, if it follows the ABC adjustment pattern, based on A=C calculations, theoretically there is still about 6% of downside potential.

Two possibilities lie ahead:

Either this is just a regular pullback. You have to admit the resilience of the US stock market; the S&P still holds up.

If the S&P really drops by 6%, what will happen to Bitcoin?

In this round of the cryptocurrency market slump, I think there are mainly two reasons at play. The instability of the U.S. stock market has affected all risk assets; coupled with the fact that the market itself is fragile, it is easy to trigger a stampede with any slight disturbance. Now we just have to see if the S&P can stabilize at this position.