The current market sentiment remains sluggish, with BTC once again losing key levels recently. Short positions hold a clear advantage, and the market has entered an important turning point. If the core support below cannot be maintained, the market may begin a deeper adjustment, even facing further dip risks. Although long-term holders continue to accumulate at low levels, this stands in stark contrast to the short positions dominating in the short term. Meanwhile, the latest policy signals released by the Fed have added more variables to the market, and investors are generally cautious about the subsequent direction. In this backdrop of mixed long and short positions, the longers need to be particularly vigilant, as the momentum of short positions is clearly not to be underestimated.