Huang's ouster leads to losses for the crypto community, as Bitcoin falls below the $70,000 mark and bullish traders shift to a cautious outlook.

Following the U.S. midterm elections, Bitcoin has remained weak. Recently, its decline has accelerated amid factors including the Jensen Huang incident and macroeconomic conditions. As of press time, per HTX market data, Bitcoin has officially broken below the key psychological threshold of $70,000, trading at $69,637.87. On the daily chart, Bitcoin has started to give back gains from its sharp rally during the August 19 period. In response, most traders and analysts who were previously bullish on the market have shifted to cautious and bearish outlooks. Yilihua, founder of Liquid Capital, posted multiple times yesterday, noting that Binance’s black swan incident and the U.S. Democratic Party’s landslide victory have significantly impacted both AI U.S. stocks and the crypto market, advising investors to adjust strategies continuously based on market conditions. At this stage, investors should remain wary of premature bottom-fishing, and it is recommended to wait for market trends to clarify before pursuing right-side trading opportunities. Jiang Zhuoer, founder of LeBit Mining Pool, said early today that Bitcoin is "very unlikely to have hit the bottom" at present, with the market in a large-scale downtrend and no immediate V-shaped rebound expected. Market recovery will require a return of spot market demand. Killa, a prominent trader who accurately bottom-fished Bitcoin in June this year, admitted in a post today that he had been "overly optimistic" about the recent market trend. He also believes that real panic is likely to set in after Bitcoin falls below $70,000. However, if Bitcoin drops below $57,000, it would mean the market has been in a downtrend for over 400 days, exceeding the 2023 bear market and the cycle acceleration-deceleration factor he previously referenced. He emphasized that after midterm elections, the market typically signals explosive upside for BTC on a higher time frame.