**1.19 Market Dynamics: The Trade War Reignites**

1. **Macroeconomic Overview**: The new round of trade war between Trump and the European Union has officially begun. As a result, risk assets faced pressure across the board in the early trading session, with stock indices and the cryptocurrency market experiencing sharp declines; at the same time, market risk aversion increased, driving gold and silver prices to rise rapidly.

2. **Technical and Capital Analysis**: Due to the impact of sudden news, the sharp decline in the market led to more than 100 million in long positions being liquidated in a short period of time. The price has currently fallen back to the critical support level of EMA20, where a short-term rebound is likely to occur, with expectations of rising back to around 94,500.

3. **Trend Assessment and Observation**: The current difficulty in market assessment lies in whether 98,000 has already formed the peak of this round of rebound? Or is there still momentum to continue testing the 100,000 mark? This point remains unclear and requires further observation and confirmation.