The perfect conclusion to the golden September and silver October, the drums of battle for November have already sounded! In the last two months of 2025, if you want to stage a beautiful comeback, the core strategy must still be a dual approach with flexible operations!

To avoid being misled, one must delve deep into the essence of the market: The Federal Reserve's interest rate cut is a done deal, coupled with Powell's hawkish statements, the dual impact directly led to a sharp drop after Bitcoin surged; Trump's suspension of tariffs brings little benefit that can support the height of a rebound—every rebound is an excellent opportunity for short selling! Don't be fooled by the hype of 'certain governments or institutions entering the market to buy the dip'; even institutions lacked the motivation to enter in the first half of last year, so where will the trigger for the next bull market come from?

Don't hold any illusions about interest rate cuts: By October, Bitcoin had already dropped ahead of the rate cut, the cycle of 'buy the expectation, sell the fact' has long passed, and the market has already digested this expectation. Powell has also clearly stated that the December rate cut is not certain; you need to ponder the key points here!

Let's take another look at the logic of U.S. stock linkage: In the past, Bitcoin and U.S. stocks rose and fell together. In the first half of this year, Bitcoin broke through 120,000 relying on this linkage; but now it has completely decoupled. U.S. stocks are hitting historical highs every day, while Bitcoin has fallen for four consecutive days!

On October 11th, the bullish leverage cleaning in the cryptocurrency market has completely washed out the bullish leverage. The subsequent market will be a repeated pattern of big rises and falls— I judge that above 120,000 is the peak of this phase. If it completely peaks, the market needs to adjust below 105,000 or even drop below 100,000!

The recent rebounds from overselling have all encountered resistance and retreated at 116,000. This week, it directly fell from 116,000 to 106,000, with a stable space of 10,000 points captured! Don't get tangled up in the temporary gains and losses of long and short positions; thoroughly study your thoughts, trends, and techniques, and trading will naturally become effortless!

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