From the current on-chain data, the short-term selling pressure has not led to a surge in trading volume, and there are no signs of panic in altcoins for the time being. The U.S. market is becoming increasingly active, while the Asian and European markets have seen a slight pullback, but overall they remain relatively healthy. In simpler terms, market sentiment has not reached a panic level, and the pullback instead presents a good opportunity for gradual bottom-fishing. However, another phenomenon is that although $btc has broken its historical high, the trading volume has not matched the explosive growth typical of a bull market, indicating insufficient market liquidity.

In the current market, it seems that fundamentals and technical aspects are less emphasized; the key factors are monetary policy and Trump's statements. No matter how astute your analysis is or how accurate your data is, it is difficult to predict what Trump will do next. Often, a single statement from Trump can significantly influence the trends of the U.S. stock market and $btc. Although tariffs on the EU have been postponed again, this wave of news has not effectively stimulated the rise of $btc. This means that at this stage, with $btc at such a high position, negative comments from Trump are more likely to trigger a decline in the entire market, unless there is a major positive development, otherwise the effect will be limited.