Clearing the Fog of BTC/USDT: A Look at Current Trends from the Perspective of 'Total Cryptocurrency Market Cap/Global Liquidity'

From the perspective of total cryptocurrency market cap/global liquidity, the market is actually moving quite 'orderly'. On April 8th, the 350-day moving average hit a low. Although from the perspective of Bitcoin's price it has not yet reached last year's high of 73,700, this indicator shows that not only did it break below last year's high, but it also reached the descending trend line from March to October of last year. It then strongly rebounded, breaking through the descending trend line since January 20 of this year (the historical positioning of this breakout is similar to the breakout in October of last year), returning to the upper side of the large upward channel and surpassing last year's high. The low point of the recent pullback at 91,700 perfectly confirms this breakout indicator following last year's high. What's next? Scenario 1: Continued upward breakthrough of the bull market support zone (catalyst: global liquidity breaking previous highs and continuing to rise); Scenario 2: Failure to break through the bull market support zone, pulling back to the lower Fibonacci 0.618 level of the large upward channel (catalyst: Bank of Japan interest rate hike; M2 encountering pressure from previous highs and declining).