📉 On Friday, the U.S. stock market plummeted, and the aftershocks have not dissipated. This week, the cryptocurrency market faces severe tests.

Last Friday, the U.S. non-farm payroll data for February surprised with a drop of 92,000 in employment, and the unemployment rate rose to 4.4%. Coupled with the escalating conflict in the Middle East driving oil prices up, the market fell into panic over stagflation. The three major U.S. stock indices all suffered heavy losses, with the S&P 500 dropping 1.3% and accumulating more than a 2% decline for the week, marking the worst performance since October of last year. This crash directly dragged down the cryptocurrency market, with Bitcoin falling 4% that day and Ethereum dropping 4.6%, losing the $2000 level.

As the week opened, panic sentiment continued to spread. On Monday, in the Asian market, Bitcoin once dipped below $66,000, with $329 million liquidated across the network in the past 24 hours. The cryptocurrency fear and greed index fell to 8, entering a state of 'extreme fear'. Even more concerning is that U.S. oil futures broke above $110 this morning, with Dow futures expanding their early losses to 2%, and risk-averse sentiment continues to intensify.

Regarding today's trend, technical indicators show that Bitcoin has support in the $66,000 range, but if it fails to hold, it may test the $65,000 level. The true variable in the market is whether the situation in the Middle East will escalate further—if oil prices remain high, inflation expectations will suppress the Fed's space for rate cuts, and risk assets will continue to be under pressure. In the short term, the cryptocurrency market may continue to exhibit a pattern of volatility and bottom testing. #加密市场回调

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