BTC couldn’t stay stronger than the US stock market for even two days. Yesterday, as soon as the US market opened, it dragged BTC down again. 102K is the low point from the offshore exchange crash on the day of 1011. If we consider 102K as a strong demand zone, then it’s still reasonable that it briefly dipped below due to the US market dragging it down over the past few days. But yesterday, after the US market opened with just a mild correction, BTC decisively and cleanly broke through 102K. This shows that the buying pressure at this level isn’t strong, which is a warning sign for BTC bulls. I think the US stock market might still have another six months of growth, but whether BTC will follow is really hard to say. At least for now, 100K BTC doesn’t seem attractive enough for off-market funds. It’s already starting to feel like a bear market. Time to shift into defensive mode. If one day it surges back to the 120MA, we’ll talk then.