Bitcoin's rebound encounters resistance, which aligns with our expectations. As I have always emphasized, a rebound with low trading volume, when faced with selling pressure, significantly increases the likelihood of price adjustment. From a technical perspective, a backfilled candle with volume indicates a certain imbalance in market supply and demand, warranting observation of whether the supply pressure persists. I judge that the market will not experience a continuous rapid decline; although the market may still be weak in the future, a process of oscillation and adjustment is anticipated, with a low probability of a direct crash. The longer cycle remains in a high-level oscillation range after an upward movement; strictly speaking, the trend is still upward, but Bitcoin is more likely to be at the top range of a long cycle.
Ethereum's performance is related to Bitcoin; market liquidity remains inactive, and ETH lacks the independent momentum to rise, mostly moving in tandem with the overall market.
In terms of altcoins, the overall market funding situation is poor due to Bitcoin's weakness, lacking any profit-taking effects, thus the pullback in altcoins is relatively severe. If Bitcoin stabilizes in the future, the altcoin market is expected to recover. On one hand, the recovery of confidence, and on the other hand, the return of profit-taking effects will help attract more capital into the market, energizing the market atmosphere.
