It shows a clear decreasing trend, indicating that the initial market is most psychologically impacted, and although there are still panic reactions in the subsequent stages, the magnitude tends to converge. The sharp selling will drive the price back to the demand area, and it is very likely that Trump will not release more negative signals than before on tariffs. Tariffs for most countries are lifted high and gently lowered, with limited destructive power. A 10% reciprocal tariff has been achieved. Trump can't bear the further selling of 10-year US debt, and can only operate within the scope of not causing panic of US debt selling. The destructive power is further controlled, the buff added by tariffs to the supply side will begin to lose efficacy, and the downward momentum will begin to decline. Therefore, market sentiment is gradually easing, short-term holders will gradually make profits, and long-term holders' selling pressure is far from coming. There is a possibility of a large amount of stablecoins flowing into Bitcoin. This is the basis for supporting the possibility of the current rebound strengthening into a reversal, as the attractiveness of left-hand entry is increasing. Second viewpoint: The current rebound is the second distribution after attracting funds This viewpoint holds that the current stage is a downward relay towards a long-term bear market. The macro reasons for the discussion are related to the intensification of inflation caused by taxes, which may lead to stagflation and accelerate the possibility of recession. However, the core of such views is that the US stock market has entered a technical bear market, and the continued decline of the US stock market is inevitable. Bitcoin cannot stand alone and does not have independence, and will be dragged down by the US stock market. Therefore, here we share the basis for determining whether the US stock market has entered a technical bear market. The viewpoint is that the trend of the US stock market in the past few months fully conforms to the Weikov distribution stage. I will explain this viewpoint from the perspective of price and corresponding trading volume, that is, volume price behavior. The yellow arrow on the way indicates the pattern of daily trading volume, while the light blue shoulder indicates the pattern of trading volume over a period of time. On November 6th, prices began to rise significantly, while trading volume increased and the price difference widened, indicating that the phase high point was approaching. This is PSY - the initial supply point. Late November to early December is the peak of BC buying, also known as the buying intensive zone. The trading volume and price difference have significantly increased, and the selling power has reached its peak. Near the top of the market, a large number of eager buying orders from the public are satisfied by a large number of selling orders from the main force. On December 18th, after a buying frenzy, AR naturally fell back, with almost all buying orders dried up, but selling orders continued. As a result, the natural decline occurred. The lowest point of natural decline helps define the market bottom of the distribution trading range. The bulk buying on December 20th was the first round of fundraising, also known as the ST secondary test: after a natural decline, the price rose again near the buying peak area to test the supply and demand situation of the price near the buying peak area. When the price approaches the resistance zone of the buying peak, the trading volume should decrease and the price difference should narrow, which means that supply will exceed demand and the top of the price will be confirmed. From the end of December to early January, SOW weak signals appeared: weak signals usually occur at the end of distribution, when prices fall to the bottom of the distribution range or slightly break through the bottom of the distribution range, often accompanied by an increase in trading volume and widening of price differences. A weak signal means that supply controls the market. Between January 13th and January 23rd, there was a UT uptrend and downtrend: The occurrence of uptrend and downtrend is aimed at luring the last wave of buyers to continue to enter the long market, while also breaking the stop loss set by short sellers who entered early. Upward and downward movements are a form of price cessation behavior, but they give the public the impression that the price is about to break through the range resistance, as the main force does not want the public to see that the price is about to fall. On February 19th, there was a UTAD surge and fall after distribution: it was the final test of the new demand generated by the main force after the price broke above the resistance line of the range. February 19th to early March: Demand was falsified and trading volume increased, leading to accelerated outflows. On March 25th, the last supply point of LPSY appeared: even if buying in large quantities, the price rebound was weak after SOW tested the support of the ice line, and the price difference narrowed, indicating that it was difficult for the price to rise. The reason for the difficulty in price increase may be due to the depletion of demand or supply controlling the market. The final supply point is the last wave of distribution by the main force before the price drops rapidly. The price structure and corresponding trading volume amplification or contraction of US stocks fully comply with Weikov's distribution theory. Prove that the US stock market has completed the final sprint of the bull market and the distribution has been completed. Next, we need to find LPS, which is the final support point, in order to achieve a bear to bull conversion. Prior to this, it was a long trap and we should go short when the market was high. Which of the two mainstream market views do you agree with?