The market is searching for a bottom, actually looking for the "extreme of panic."

This morning's synchronized decline may seem sudden, but it’s more like a concentrated release after an emotional cycle reaches its extreme. BTC dips below 60,000, US stock futures expand their losses, and gold and silver fall back in sync. Essentially, risk appetite is being collectively downgraded. Many people are used to interpreting declines as triggered by negative news, but the real market logic is often: crowded positions lead to price dips.

The so-called bottom is never a specific numerical point but a balance point after emotional clearing. True buy signals often appear in three scenarios: first, bad news keeps coming but prices no longer hit new lows; second, trading volume shifts from panic-driven spikes to shrinking, oscillating volume; third, social sentiment shifts from “bottom-fishing enthusiasm” to “less discussion.” When most people start losing interest in the market, the bottom is actually approaching.

The market may still decline out of inertia, but the downward slope will gradually slow. A sharp drop isn’t scary; a prolonged decline is more exhausting. In the short term, it’s more like transitioning from emotional panic to cooling off. Instead of guessing the bottom, it’s better to observe whether selling pressure is diminishing.

In one sentence: The bottom is squeezed out by emotions, not predicted or calculated.