Last night's major washout caused 570,000 people to be liquidated, surpassing the scale of the original 312 incident, successfully washing out all the long positions.

Now, looking at the 1-hour timeframe, it is a large volatile converging triangle. In a bull market, I believe that after a converging triangle, there is a high probability of an upward movement. However, BTC has now taken on the form of the US stock market; Wall Street dictates when to drop and when to rise. Therefore, I suggest that those who only trade BTC should pay attention to S&P 500 and Nasdaq futures. For example, last night, the US stock market fell sharply, affecting the entire cryptocurrency market.