The market is not looking for a bottom, but rather for the "panic threshold."

This morning's synchronized decline is not fundamentally an issue with a single asset, but a simultaneous contraction of risk appetite. BTC dips, stock index futures weaken, gold and silver retreat—each seems to fall separately, but in reality, the same button has been pressed—the risk switch for funds has been turned down.
Many people ask where the bottom is after a drop, but what the market is truly searching for is the "panic threshold." When most people shift from "buying on dips" to "surviving first," a temporary bottom may appear. History has repeatedly shown that bottoms are never calculated—they are squeezed out by emotions. #Is it a good time to buy the dip or stay on the sidelines?
Currently, a few signals worth observing:
1. Is volatility soaring to extreme levels?
2. Are margin liquidations causing chain reactions?
3. Is social media sentiment shifting from optimism to numbness?
If the decline is accompanied by increased volume, it indicates that deleveraging is still ongoing; if it’s a volume-depleted, downward trend, it looks more like liquidity retreat. True buying opportunities often occur when "bad news no longer triggers new lows."
So instead of guessing whether 60k is the bottom, it’s better to see if the market is starting to become immune to bad news. Price can be deceptive; emotions rarely are.
In one sentence:
The bottom is not a point, but a state of mind.