Over the past two days, the market has been more focused on digesting the chain reaction caused by the tech stock sell-off rather than being purely driven by macro data.
After the Nasdaq plunged sharply on the 22nd, risk appetite clearly contracted, and the crypto market simultaneously experienced leveraged liquidations. Within 24 hours, the liquidation scale once approached $440 million, with longs accounting for the vast majority, indicating that previously high-leverage positions were concentratedly cleared during the pullback. BTC fluctuated repeatedly between $81,500 and $81,800, without a sustained breakdown, but the rebound strength was limited, showing that the battle between bulls and bears remains intense at the current level.
Meanwhile, some public chains and privacy sectors showed divergence. SOL is currently oscillating around $104 to $105, generally following the weaker market trend, with short-term resistance near $108 and support at $103. ZEC is relatively more resilient, trading between $1,220 and $1,250. After falling from above $1,360 earlier, it has stabilized somewhat, indicating that some funds still have a preference for privacy features, though overall trading volume has not significantly expanded.
From the market perspective, this round of adjustment is more about releasing previously crowded positions rather than a trend reversal. The emotional impact from the tech stock sell-off is being digested, but new buying has yet to form at scale.
My judgment is that the short term will remain mainly volatile, with a focus on whether BTC can hold steady in the current range and whether SOL and ZEC can develop independent trends. If leveraged liquidation ends but the upper resistance cannot be effectively broken, the adjustment period may be further extended.
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