Although Bitcoin is still at 60,000, this wave of decline clearly makes people feel more depressed, panicked and helpless than last month when the price fell to 53,000 due to the German government's selling of coins. After all, the previous negative news, whether it was Mentougou, Grayscale or the German government, at least had a specific validity period that was visible to the naked eye. We all know that it is just a temporary negative news and there will always be a day when the sales will end. Even through the change pattern of on-chain data, we can estimate the time when the negative news will end. It is a negative news that can be touched and seen, and we feel at ease, confident and safe.
This time, it was completely smashed. The point of confusion is that this level of negative news is intangible and invisible. It has fallen to a point where we have no confidence. There is no negative news maker entity like Grayscale Mentougou to track, but there is grief everywhere, just like it is easy to dodge an open gun, but it is difficult to guard against a hidden thorn.