Ladies and gentlemen, the past 8 hours of market action have been truly intense. Bitcoin once plunged through the $88,000 mark, Ethereum fell below the psychological $3,000 level, and the total liquidations across the network skyrocketed to $1 billion. A single geopolitical storm can cause global risk assets to collectively plunge—US stocks, Asian markets, and cryptocurrencies all sharply down, while gold surged to a historic high of $4,800. This wave of market movements vividly illustrates the power of the saying "Buy gold in chaotic times, avoid leverage in turbulent markets."

**Why can geopolitical black swans directly crush the market?**

Recently, trade frictions and sovereignty disputes have erupted, causing US-EU trade agreements to freeze instantly, and the European Parliament to suspend related approval processes. What markets fear most is never just simple declines, but this kind of unpredictable uncertainty. There are even amplified rumors of threats like "200% wine tariffs," clearly igniting the powder keg of trade wars.

Traditional financial markets are the first to be affected: the S&P 500 dropped over 2%, with the tech sector collapsing collectively, and Japanese and Korean stock markets also unfortunately fell around 1.5%. As high-risk assets, cryptocurrencies naturally couldn't escape this impact. But it’s worth a closer look—on-chain data shows that the real amplifiers of this decline are the panic-selling by whales and the dump operations by miners; geopolitical factors are just the finger pressing the button.

**What’s really happening on the technical side? Key levels must be watched closely.**

For Bitcoin, the daily chart has already broken below the MA20 support, and the MACD has formed a death cross. The current rebound appears to be just a technical correction; don’t expect it to gain momentum. The real defense zone is between $87,800 and $88,000—this is the resonance area of the lower Bollinger Band and the weekly MA100. Once this support is broken, the next key support level could be around $85,400.

The current strategy is simple: observe + wait. Don’t bet on a V-shaped reversal; the panic in risk assets has not fully released yet. It’s wise to preserve capital, hold your core positions, and wait until market sentiment stabilizes before taking action. Otherwise, adding leverage at this time is truly a gamble against the market.