In a bull market, the volatility of sharp rises and falls is greater, which seems normal. However, this statement is too subjective; it needs to be objectively measured with data.

So how should volatility be measured? What constitutes high or low volatility?

From a data perspective, the overall average amplitude of Bitcoin during this cycle has decreased significantly, and the maximum drawdown is also much lower. Additionally, the overall leverage ratio is not high at the moment; the high volatility is primarily due to consecutive liquidations.

Moreover, even in a bull market, there is a limit to how much volatility can occur; one cannot claim it is a bull market when all indicators are collapsing.

If the market doesn't improve in the next few days and the short-term trend at the 4-hour level continues to expand, a top could potentially form. However, this does not necessarily mean that a top is being formed.

When this 4-hour level trend expands to the daily or 3-day levels, it can basically be confirmed.

Just like the previous wave, many people regretted missing out, which is a typical case of a 4-hour bearish trend briefly breaking down and then quickly rising;

Moreover, as of now, today's decline is not as significant as that day.