【Matrixport: The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the next few weeks may become a key point in determining Bitcoin's trend】 According to Golden Finance, Matrixport released a weekly report stating that Bitcoin has reached a new historical high, but the overall momentum appears particularly weak. Key indicators that had been rising continuously have now shown significant divergence, raising doubts about the sustainability of this round of price increases. Debt expansion, seasonal factors, and changes in on-chain structure are collectively affecting the market. Some data reflect a tendency for profit-taking in the market, while other indicators still show that the core driving force of the bull market remains. The gap between short-term enthusiasm and long-term confidence is quickly narrowing, and the next few weeks may become a crucial point in determining the trend. Over the past six weeks, we have maintained a relatively cautious trading stance. The reason is that Bitcoin's recent breakthrough attempts lack the confidence and subsequent momentum demonstrated during previous sustained rises. The overall timing seems a bit awkward, and key indicators that have consistently supported strong upward movement have not appeared in sync. Therefore, it is not surprising that Bitcoin is currently maintaining a range-bound oscillation pattern. We believe that it is necessary to reassess the downward risk signals at this time and determine whether to shift to a more defensive position. Although Bitcoin reached a new historical high last week, on-chain data may reveal the internal health and momentum changes of the market more authentically.

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