Geopolitical conflicts intensify; Federal Reserve Chair Powell's hawkish stance raises rate hike expectations, the US dollar index rebounds strongly, global liquidity tightens, and risk assets collectively come under pressure.

Bitcoin drops below the key support level of 75,000 intraday, with a bearish arrangement on the daily chart, MACD forming a death cross and heading downward, bearish momentum increasing; the 4-hour rebound is weak, remaining under the moving averages, the downward channel opens, and the weak market pattern is clear.

Geopolitical risks boost safe-haven buying shifts to the dollar, combined with macro tightening expectations, leading to a significant outflow of funds from the crypto market, with long positions exiting in a stampede, exacerbating the decline. The short-term trend is clearly weakening, and trading should maintain a high shorting mindset; do not blindly bottom fish.