The analysis begins by acknowledging the recent bearish trend in the market, attributing it to statements made by the Bank of Japan governor, sparking fears of a rate hike. Previously there was more expectations of there being no change. This is bearish because it causes an increase in bond yields and impacts the carry trade, the pullback was always expected but fundamental circumstances changed. Despite this, Bitcoin has found strong support at $86,000, aligning with a previous trend line. There is a massive imbalance to the upside, key resistance is between $88,000 and $89,000. He expects the price to find stability near $87000 and indicates a potential bullish divergence forming on lower time frames. Order book progress is not strong, but the local bottom is likely in place. For the SPX he expects the price to range around the current price.