The recent performance of the cryptocurrency market highlights the high sensitivity of player sentiment. It is not panic, but the sudden price adjustment is enough to trigger associations. Some voices quickly compare the current situation with the bear market trend after Bitcoin surged to $69,000 in 2021, thus breeding unrest in the market.
In fact, the early capital flow and the cashing-out behavior of large funds in Ethereum have revealed the existence of market divergence. Although Bitcoin has reached a new high, it still requires time and momentum to successfully break the $125,000 mark; as for Ethereum, if one failed to position at a low level previously, it is clearly not a rational choice to chase high prices recklessly.
In the current atmosphere, optimism seems to be the mainstream, with some even asserting that this round of market will directly enter 'bulldozer mode.' However, the market has never deviated from the logic of supply and demand, and the influx of capital will not change the objective laws of price fluctuations. Today's decline again illustrates that the sensitive market hopes for continuous rises while also harbors doubts about high levels.
The more realistic situation is that bearish voices are often not accepted, leading most analysts to express themselves cautiously to avoid being misinterpreted. In fact, this is not about being bearish, but a calm judgment of the market rhythm. In the long run, whether it is Bitcoin or Ethereum, the distribution of chips, level of consensus, and the movements of large funds remain at a healthy level, and the long-term logic is still complete. However, stage adjustments are inevitable, and the market needs time to digest the divergences.
It is worth emphasizing that, based on past URPD data patterns, large chip areas often indicate support rather than a peak. Currently, $117,000 has formed the most prominent chip concentration zone and has become the central position of the 'double-anchor structure.' Whether future trends can continue to follow this pattern will need time from the market to provide an answer.
(Figure 1)
Therefore, instead of getting entangled in short-term fluctuations, it is better to broaden the perspective. The market's direction will ultimately trend upwards, but the journey will inevitably be accompanied by twists and turns.
