Thursday should be one of the most painful days in cryptocurrency history. On this day, investor confidence nearly completely collapsed. It's not just the crypto sector mourning; even traditional media are reporting on massive liquidations in cryptocurrencies. If all goes as expected, $60,000 should be the bottom this time. From both a data perspective and an ETF perspective, investor panic has mostly been released, and the sentiment for bottom-fishing at $60,000 has significantly increased.

Looking at Bitcoin's data, the price movements have made the market feel like a roller coaster. The rebound on Friday made this weekend a bit easier; otherwise, I was worried that low weekend liquidity might cause further price volatility. Now that BTC has rebounded above $70,000, market sentiment has eased somewhat. A pullback to around 62,230-60,000 could be a good entry for long positions, while a rebound to around 70,700-71,500 could be an opportunity for short positions. Targets can be set around 68,000-65,200.