The selling pressure of the US stock market and Grayscale are the main factors leading to the price drop, especially the excessive decline of ETH during the day, which led to the decline of BTC, and the main sentiment gradually began to become pessimistic.

However, there are still two hot spots this week that will provide opportunities. Tonight's GPD and tomorrow's core PCE economic data, Trump and relevant congressmen will attend the crypto conference on the 27th, which will bring opportunities to the market again.

However, overall, it is still not too optimistic. Once the two narratives are positive, the BTC price cannot break through the daily 70,500 position. After that, the market that loses the narrative will start trading the expectation of interest rate cuts, and what will be faced afterwards may be a shock callback.

The most important thing is to see whether Trump will be strong on the 27th. It is very important whether the narrative he can throw out in his speech can have continuity and heat.