The core contradiction in the afternoon market is still macro liquidity. BTC is currently around $784,000, down 0.96% over the past 24 hours, trading in the $778,000–$798,000 range; meanwhile, U.S. Treasury yields are rising, and major coins such as DOGE, BNB, and XRP are falling even more sharply. My view: BTC holding near $780,000 suggests there is still demand stepping in, but until it regains and firmly holds above $800,000, any rebound can only be seen as a choppy correction/repair. Watch risk appetite after the U.S. stock market opens and the $778,000 low; if that level breaks, be alert for leveraged cascade stop-losses.