Looking at this wave of Bitcoin行情, I won't hold my position above 94,500 before it stabilizes. If it rebounds around 93,500, I will continue to short. The 93,500 level is a major weekly trend line; multiple rebounds here followed by declines indicate significant resistance.

Let's discuss recent market events—The Federal Reserve cut interest rates by 25 basis points, which is essentially within expectations and actually bearish. Japan's 25 basis point rate hike didn't cause a crash, simply because the market had already digested it a few days ago. But what's interesting here is: institutions holding yen assets will definitely need to distribute and realize gains. With the high circulation rate of yen globally, many large institutions use it for arbitrage. During the yen's repatriation, financial assets will inevitably face selling pressure. Most likely, institutions are quietly offloading their positions, making us think the bearish sentiment has subsided. Instead of falling, the market rebounds and then pushes higher, attracting retail investors to buy the dip—this kind of thinking is a common trap.

My specific approach is as follows: divide my capital into 10 parts. The first part is a 15x leveraged short position between 86,000 and 88,000, with a liquidation point around 92,000. I'm not worried about being liquidated; I will then open 1.5 units at 93,500 to continue shorting. If I get liquidated again, it indicates a market reversal, and I will follow the trend accordingly.

In trading, no one can make money forever, and no position will turn profitable immediately—not even market makers. The reason institutions succeed is due to precise position control and compound interest strategies. If you're planning to try your luck, honestly, the crypto space might not be suitable; it’s better to keep that money and go all-in at Macau. Bitcoin is now also a financial derivative, equipped with all the trading techniques of traditional finance. We need to understand the movement patterns of the main players, use position management to execute our trading plans, and prepare for long-term battles.