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 Market interpretation

1. 
   Derivatives liquidation surge: Short-term long leveraged orders were liquidated in large numbers, triggering continuous selling pressure.
   
2. 
   Macro uncertainty: The U.S. dollar is strong, the interest rate policy is unclear, and funds choose to wait and see.
   
3. 
   Fundamentals remain stable: ecological activity is normal and there are no major negatives, but market sentiment is cautious.
   

 Technical analysis

• 
  Key support: $3,800 ~ $3,900
  
• 
  Strong resistance level: $4,200 ~ $4,400
  
• 
  Indicator signals: RSI and MACD are weak, indicating the dominance of bears.
  

 Operation idea

• 
  Short-term players: You can test the support area with light positions and strictly set a stop loss (such as below $3,800).
  
• 
  Mid-line layout: build positions in batches, do not chase highs, and pay attention to macro policy news.
  
• 
  Risk reminder: Don’t play hard, don’t focus on leverage, the market has not stabilized, it is more stable to test the water with a light position.
  

 Summarize