A friend recently asked: Has Bitcoin entered a reversal phase?

Here is a unified answer: Not yet. It's not a reversal, but it may face further pressure. Due to the market's decreasing expectations for future interest rate cuts by the Federal Reserve, and even beginning to question whether there will be a rate cut in June, overall liquidity has not improved and may actually tighten further, especially against the backdrop of the U.S. increasing bond sales.

Currently, Bitcoin's rise is more driven by the correlation with the U.S. stock market. However, overall, the liquidity in the cryptocurrency market remains weak, particularly in the altcoin sector, which still lacks vitality.