Following the previous post, the BTC daily structure remains in a large-scale upward trend, currently in the fifth wave progression phase of a small cycle. From the 1-hour level, the price has just formed a bottom reversal candlestick in the key support area, while the KDJ indicator has shown a bullish reversal signal in the oversold zone, with the risk-reward ratio at a relatively ideal position.

$BTC has now entered the fifth wave of its upward movement, with the all-time high of 123,000 just above. This level is a strategic tactic for both bulls and bears, so fluctuations are normal. Bitcoin's past performance often involves a false breakout followed by a correction. If it truly peaks, it will be a direct plunge. If it's merely adjusting, it will likely trade sideways around 123,000, gathering momentum before a surge. Short-term trading focuses on monitoring the small-scale trends at this price level. From an intraday perspective, those with spot positions can patiently hold onto them and wait for new long positions to confirm their positions, potentially aiming for a new all-time high.

Tonight's CPI data is crucial; it could bolster expectations for a 0.25% interest rate cut next month and even spark discussion of a 0.50% cut. This unexpectedly positive news is likely to directly stimulate the market. Bitcoin and Ethereum are currently experiencing a rotational rise, a characteristic of a healthy bull market, suggesting we may be entering a new phase of the cycle.

Bitcoin and Ethereum may still have some price discovery to go. Only after their valuations are fully realized will mainstream altcoins like BNB, SOL, and XRP see a significant rally. Regarding capital, it's important to remember that it's institutions, not retail investors, that are driving the market right now. Therefore, altcoins must be carefully selected; it's only meaningful to invest in those that can sustain strong performance.