This downward move is actually not that complicated.

During the transition from the Asian session to the European session, gold opens with a quick rally, as safe-haven funds temporarily flow back into precious metals. Risk assets naturally come under pressure, and Bitcoin experiences a synchronized decline. Essentially, this is capital rotation, not a trend collapse.
From a rhythm perspective, this is temporary "risk avoidance" by funds, not a full-scale withdrawal.

Looking at the structure, this wave of Bitcoin's decline is more of an emotional pullback, with a rapid fall and moderate continuation. There is clear support below, and no signs of panic selling with increased volume. In other words, sellers are driven by emotion, while buyers are accumulating chips.

Therefore, it is not suitable to chase short positions now; instead, this is a typical low-level accumulation window. As long as there is no continuous volume breakout, accumulating long positions in stages at low levels, waiting for the risk aversion sentiment to subside and funds to flow back into risk assets, a rebound will naturally occur.

In one sentence:
Gold rises → funds temporarily seek safety → Bitcoin passively declines, but the structure remains intact; the low levels are opportunities.