These past couple of days, friends in the market probably haven't slept well. The market suddenly plummeted, with Bitcoin and Ethereum dropping sharply, and panic sentiment at an all-time high.

The main cause is the vague stance of the new Federal Reserve Chair's statements, uncertain policy expectations, coupled with a sharp decline in the US stock market triggering a global asset sell-off. Funds are fleeing to safe havens, and cryptocurrencies are also being hammered down. Bitcoin has been cut in half from its high, breaking the illusion of a bull market, and the market has clearly shifted to a bear market.

This morning, Bitcoin$BTC briefly fell below 60,000, reaching a low of around 59,800, then rebounded back above 66,000. This is just an oversold correction, not a reversal. Resistance is at 66,000-67,000; if it can't break through, it will likely fall back. Ethereum$ETH also declined simultaneously, bottoming at 1,750, then rebounding above 1,900. Resistance is at 1,950-2,000, with support at 1,750-1,800.

Overall, panic hasn't subsided, and volatility will continue. Friends caught in the downturn should cut losses quickly if deeply trapped, and handle shallow positions when appropriate. If repeatedly caught in losses, consider changing your trading strategy. Don't fight the bear market; watch more, act less, and wait for opportunities.