From the current on-chain data perspective, the temporary selling pressure has not led to a surge in trading volume, and altcoins have not shown signs of panic for the time being. The U.S. market is becoming increasingly active, and although the Asian and European markets have seen a slight decline, they are still relatively healthy overall. To put it simply, market sentiment has not reached a panic level, and the pullback is actually a good opportunity for staggered buying. However, another phenomenon is that although $btc has broken historical highs, the trading volume has not experienced the explosive growth typical of a bull market, indicating that market liquidity is insufficient.
In the current market, it seems that fundamentals and technicals are becoming less significant; the key factors are monetary policy and Trump's statements. No matter how well you analyze or how accurate your data is, it is still difficult to predict what Trump will do next. Often, a single statement from Trump can, to emphasize, always influence the trends of the U.S. stock market and $BTC . Although tariffs on the EU have been postponed again, this wave of news did not effectively stimulate the rise of $btc. This implies that at this stage, with $BTC at such a high position, Trump's negative remarks are more likely to trigger a decline in the entire market. Unless there is a significant positive development, the effect will be limited.
