Blasted through 100,000! The US government opens up and BTC instead falls 4%, the crypto world panic index soars to 15, where is the next bottom?

Who could have thought? After the US government shutdown for 41 days, it finally reopened, but what the crypto world had hoped for was not a favorable surge, but rather BTC directly breaking below the $100,000 mark, crashing 4% overnight to fall below $98,000, down over 20% from the historical high in early October, officially entering bear market territory!

This wave of reverse market movement has completely bewildered retail investors—why did the bad news end up resulting in an even bigger fall? The truth is heartbreaking:

1. Liquidity has been crazily siphoned off: After the government restarts, the TGA account balance reaches $943 billion, equivalent to sucking away $700 billion in liquidity from the market, directly draining funds from the crypto market, and causing a sudden drop in trading depth;
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2. The expectation of interest rate cuts has completely cooled: The Federal Reserve hinted that a rate cut in December is not a done deal, actual interest rates remain high, risk assets are under collective pressure, and BTC is being sold off alongside tech stocks;
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3. Institutions are fleeing wildly: Spot Bitcoin ETF has sold over $2.8 billion in the past month, large funds and corporate treasuries are pulling out, and the once-supporting pillars of the rise have all collapsed;
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4. Panic sentiment breaks through the bottom line: The crypto fear and greed index falls to 15, the lowest since February this year! The last time there was this much panic, BTC directly fell another 25%.

Now the whole network is asking: where is the bottom?
Analysts warn: The short-term key support is looking at 93,000. Once it breaks, it may head straight for 90,000 or even 80,000, as BTC is currently below the long-term moving average, and momentum has completely faded; however, some institutions suggest that extreme panic often approaches the surrender stage. Historically, after "government reopening + panic bottoming," there has been a 300% rebound.

The derivatives market has become chaotic—protective put option trading in the 90,000 to 95,000 range has surged, and everyone is frantically hedging against the risk of a fall, while the wave of liquidations in leveraged positions is still ongoing.

Currently, below 100,000 has become a bear market. Should we buy the dip or wait and see? How low do you think BTC will fall before it hits the bottom? Let's discuss your strategies in the comments! #BTC