This morning's sharp decline in Bitcoin was not primarily due to technical factors but was driven by emotional panic triggered directly by macro news, with Trump once again becoming a significant variable.

Over the weekend, he suddenly issued a tariff ultimatum to 8 European allies, demanding they take a side on the Greenland issue, or face tariffs of up to 25%. The market immediately linked this to the potential restart of trade wars, turbulence in NATO relations, and a possible return to global trade confrontation, causing risk appetite to rapidly cool down. As a high-volatility risk asset, cryptocurrencies were among the first to be sold off by funds.

Meanwhile, the uncertainty surrounding the next Federal Reserve chair also began to increase. The previously favored Harzard might remain in the White House, making the future direction of monetary policy unclear. For bullish investors, uncertainty itself is a negative signal, and institutional funds often choose to withdraw and wait on the sidelines.

Under these two pressures, Bitcoin broke through a key support level, triggering stop-losses and liquidations of many high-leverage long positions, creating a chain of selling pressure, which ultimately led to a rapid decline in early trading.

Ultimately, Trump's tough policies were one of the important catalysts for this decline. History repeatedly shows that whenever he stirs up narratives of tariffs and confrontation, markets tend to enter periods of intense volatility. In the short term, this is risk; in the long term, it often marks the beginning of reallocation of positions.