The recent Bitcoin market is so exciting! It just surged to a new high of 110,000 in mid-May, only to drop to around 103,000 within a week. Dogecoin plummeted by 5.7% on May 19, and mainstream altcoins like Solana fell over 3%.

Behind the pullback are multiple factors: on-chain data shows retail enthusiasm is cooling down, and institutions are starting to take profits; on May 31, the Federal Reserve kept interest rates unchanged, with the 10-year U.S. Treasury yield approaching 4.6%, leading funds to flow back to traditional markets; on May 23, the U.S. 'GENIUS Stablecoin Bill' impacted altcoin liquidity. Dogecoin dropped to $0.18 on June 1 due to decreased support from Musk and doubts about meme coin speculation, falling over 30% from its April peak, while over $5.93 million in Bitcoin liquidations on the OKX platform triggered a chain reaction of liquidations on May 19.

From a technical perspective, 103,000 is a key support level. Analysts say 90,000 is the 'life or death line' for a bull market, but MicroStrategy still increased its Bitcoin holdings at an average price of 95,000 on May 4. Altcoins are showing divergence: under tighter regulations, non-compliant projects are being cleared out, as seen on May 30 when the China Securities Regulatory Commission banned five trading platforms, while compliant projects like Ant Group's photovoltaic asset RWA project are growing against the trend.

Currently, the altcoin season index is at 18, with funds concentrating on Bitcoin. The fear and greed index has retreated to the 'fear' edge, and historical data shows that Bitcoin's average increase in the following three months exceeds 40% at this time. The Federal Reserve's interest rate meeting on June 19 and the expiration of Bitcoin options in July (with a maximum pain point at 99,000) are key nodes.

Do you think this is a deep squat in a bull market or a reversal? Can Dogecoin and altcoins make a comeback? Feel free to comment and share! #山寨季将持续多久？