Bitcoin's performance these days has been truly dramatic. Just earlier, everyone was shouting to push towards $100,000, and then it suddenly did a "high-altitude jump," crashing straight down to $85,000 in mid-December. In just a few days, the total market capitalization of the crypto market evaporated by over $100 billion, and those friends who confidently bought the dip have all become "trapped investors." On social media, it's all about "When will this bottom finally come?"

I've been in this circle for 8 years, and today I’ll be straightforward—this wave of decline wasn't triggered by a single event, but rather a "resonance collapse" caused by multiple factors acting simultaneously. Each factor is like a domino; one falls, and it pushes the entire chain down.

**The macro environment didn't give any breathing room**

Many newcomers might think of cryptocurrencies as an isolated market, disconnected from the outside world. In reality, they've long been tightly linked to the global economy. Recently, major economies around the world have been actively adjusting their monetary policies, with rate hike expectations hanging like a sword over everyone's head, and the US dollar index continues to strengthen. Don't forget, crypto assets are inherently high-risk assets. Once market sentiment shifts toward risk aversion, funds will immediately withdraw from assets like Bitcoin and flow into "safe havens" such as the US dollar and government bonds.

I've been closely watching macro data, from Purchasing Managers' Index to inflation figures, and the overall sentiment is quite cautious. In this environment, it's basically unrealistic for Bitcoin to move independently and break out of the trend. The crypto market has always been a "microcosm of society"—when the macro environment is bad, no matter how strong Bitcoin is, it has to follow the overall correction.