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$BTC In the past couple of days, both bulls and bears have been thoroughly cleaned up. Yesterday, it just surged from around 76,000 all the way to 79,600, but the bears hadn't recovered, and today BTC suddenly turned around and fell back to around 77,000. Those who chased short positions yesterday got pulled down, and those who chased long spots got slashed again. In two days, before the direction was figured out, the bulls and bears were already killed. Why did things go this way? I think the problem is, the two answers the market is really waiting for still haven't come out. One is the CLARITY Act. The latest version has already absorbed 126 substantive amendments proposed by the Democrats, but the next procedural vote requires 60 votes, while the Republicans only have 53 seats, meaning at least 7 Democrats or independents are still needed. This is certainly important for crypto, but the question now is: whether it can pass is not yet an answer. The other is the FOMC. Currently, market expectations for a 25 basis point Fed rate hike are already very high, and macro pressure itself hasn't disappeared. So BTC isn't without any positive news, nor is it suddenly all negative news; rather, neither positive nor negative news has truly materialized, so the market can only keep trading expectations. The technical aspect is also clear. Yesterday, BTC surged to a high of 79,600, but the resistance between 78,000 and 78,500 didn't really hold, and today the price fell back below the MA20 and EMA20. So I can't yet define yesterday's wave as a "successful bottoming"; it's more like a failed breakout after a bottoming attempt. Next, I actually refocused on 7600