The current market sentiment remains sluggish, with BTC recently losing a key level again, and short positions clearly holding the upper hand, as the market has entered an important turning point. If the core support below cannot be maintained subsequently, the market may begin a deeper adjustment, even facing the risk of further dips. Despite long-term holders continuously accumulating at low levels, this stands in stark contrast to the short-term dominance of short positions. Meanwhile, the latest policy signals released by the Fed have also added more uncertainties to the market, causing investors to generally remain cautious about future directions. In this backdrop of mixed long and short positions, longer traders need to be particularly vigilant, as the momentum of short positions is clearly not to be underestimated.