Analysis: Bitcoin is under pressure again, and the risk sentiment in the US stock market is suppressing the cryptocurrency market

Bitcoin weakened again after the U.S. stock market opened on Wednesday, briefly rising to about $77,678 before retreating, continuing the structural trend of "strong during Asian hours, weak during U.S. hours" observed this week. The market is focused on the upcoming Nvidia earnings report, which is seen by several institutions as one of the key macro volatility triggers for this quarter.

As a result, pre-market sentiment in the U.S. stock market was cautious, with the S&P 500 dropping about 1.3% at one point before rebounding slightly, but overall risk appetite remains weak. In terms of on-chain and spot structure, the Coinbase Premium index has fallen to a multi-month low, indicating that buying interest in the U.S. market continues to be weak. This indicator has remained negative recently, reflecting insufficient spot demand in the U.S. region, even though BTC prices are still high, marginal buying has not increased correspondingly.

From a technical perspective, Bitcoin has once again fallen below the 21-week exponential moving average (21W EMA). Analysts point out that this level may turn from support to resistance, and if it cannot regain this level, it will increase the risk of short-term fluctuations and pullbacks. Overall, the market has entered a wait-and-see mode amid significant tech earnings and macro uncertainty.