This month's closing price of BTC successfully broke through previous highs, setting a new historical high. This milestone breakthrough further solidifies the large-scale uptrend. From a technical analysis perspective, the simultaneous rise of price highs and lows is a typical bullish structure. As long as this structure remains intact, there is no sufficient reason to be bearish on the market. However, historical experience tells us that while the market is continuously setting new highs, it often accumulates increasing risks.

As the price continues to rise, we also notice a gradual decline in monthly trading volume. This phenomenon is very similar to the high-level divergence situation from early 2021 to 2022, where the shrinking volume indicated a weakening of market momentum, leading to a deep adjustment.

The appearance of a slight new high with reduced volume in a large-scale bullish trend is a noteworthy signal. On one hand, it indicates that sellers in the market are reluctant to sell, and holders are confident in the long-term value of BTC; on the other hand, it also suggests weak market demand. In a healthy bullish market, significant breakthroughs to new highs are often accompanied by a notable increase in trading volume, indicating issues with supply in the market and strong demand leading to rapid price increases. The current new high with reduced volume may suggest that the market is entering a relatively cautious phase, with both bulls and bears waiting for new driving factors.

Looking back at the previous bull market peak, there were weekly and monthly level divergences, which subsequently triggered a deep bear market. In the current round of market activity, although there is also a divergence, the level has reduced to the weekly chart. This difference means that even if the market enters a bear market due to divergence, its depth of decline may not be as significant as in the previous round. What is more likely to occur is a technical bear market, digesting the previous gains through short-term adjustments.