Determining the Core Indicators and Logic of Bull and Bear Markets in the Cryptocurrency Market:

1. Price Trend

In a bull market, prices continue to break previous highs, with pullbacks less than 20 points, forming an upward channel. In a bear market, prices constantly break previous lows, with weak rebounds typically less than 50 points, indicating a long-term downward trend.

2. Trading Volume

In a bull market, volume increases during price rises and decreases during price falls, with continuous capital inflow. In a bear market, volume increases during price falls and decreases during rebounds, with capital primarily flowing out.

3. Market Sentiment

In a bull market, FOMO (Fear of Missing Out) sentiment spreads, social media activity surges, and many newcomers enter the market. In a bear market, market panic selling occurs, discussion levels are low, and the number of holding addresses decreases.

4. On-chain Data

A large number of long-term holders transferring out tokens and a surge in inflow to exchanges signal a bull market top, while dormant tokens waking up indicate a clearer signal of a bear market bottom.

5. Macroeconomic Environment

The Federal Reserve's interest rate cuts, liquidity easing, and the approval of numerous ETFs act as catalysts for a bull market, whereas strong regulation, tightening liquidity (interest rate hikes), and systemic risks such as black swan events can trigger a bear market.