Bloomberg: The continuous decline of Bitcoin has left traders in despair, with market confidence and institutional demand both under pressure

According to Bloomberg, Bitcoin fell to $62,000 over the weekend, hitting a new low since July. Unlike previous sudden crashes, this round of decline has gradually accumulated during relatively calm trading, and recently accelerated further with large-scale liquidations, putting continuous pressure on market investor confidence, leaving traders exhausted and desperate. On a macro level, the yield on the U.S. 10-year Treasury bond has risen above 5%, the dollar has strengthened, and persistent inflation has intensified market expectations for the Federal Reserve to tighten policies.

Market analysis suggests that the short-term market direction largely depends on whether institutional demand can stabilize and whether the macro environment allows for a rebound in risk appetite. Before that, any rebound may still be relatively weak, and market volatility will remain high.

Currently, all financial markets are in a risk-averse environment, with interest rates continuing to rise. Bitcoin's recent decline has erased most of the gains from its rebound above $87,000 from below $65,000, and the market is beginning to worry whether it will further drop below this year's low of about $58,000.