This morning, the market once again came under pressure, with BTC touching a daily low of around $89,150, down approximately 1.2% from yesterday. ETH also declined, and the options market shows a clear increase in bearish sentiment.

The macroeconomic signals continue to be mildly optimistic—Federal Reserve Board member Bowman reiterated that they are prepared to cut interest rates at any time, and the US dollar index has fallen for three consecutive days, providing a short-term respite for risk assets. However, upon reflection, the repeated fluctuations in rate cut expectations themselves have become a source of market volatility.

On-chain pressures are also significant. DeBridge is set to unlock approximately $11.1 million worth of tokens today, while ZK will simultaneously release nearly 60 million tokens. These unlock events are likely to create selling pressure in the short term. Looking at recent trends, the $90,000 level has already become a clear dividing line between bulls and bears.

Key advice: Given the dual background of a potentially fluctuating rate cut cycle and intensive on-chain unlocks, it is recommended to moderately control leverage, patiently wait for clearer macro turning points, and avoid blindly chasing gains or losses.