◾️BTC Monthly Closing Key Analysis:

1. Trend structure continues, BTC monthly line successfully closed at historical highs, forming an upward trend with progressively higher highs and lows; currently, no signs of a trend weakening have emerged. However, potential market reversal signs should be monitored.

2. Concerns about volume-price divergence, this month's trading volume has continued to decline, resembling the volume-price divergence pattern that appeared at the top of the bull market in early 2021-2022. The current key support level for this bull market is around the previous high of 74k, which is crucial for maintaining the upward trend.

3. Interpretation of volume-price relationship, under the overall bullish trend, the trading volume is shrinking while prices are making slight new highs, indicating lower selling pressure in the market, but also reflecting that market demand is weakening. If a significant price increase occurs with reduced volume, it may suggest anomalies on the supply side.

4. Bear market risk assessment, compared to the dual top divergence of weekly and monthly lines seen at the previous bull market peak, this round only shows a weekly level top divergence. Therefore, even if the market enters a bear market, the adjustment may be smaller than in the previous cycle and is more likely to be a technical correction.

5. Multi-cycle resonance effects, the convergence of multiple factors such as halving cycle, monetary policy cycle, geopolitical cycle, and BTC asset allocation cycle will make future market trends more complex and variable; attention should be paid to the synergistic effects of each cycle.

6. Evolution of market structure, BTC's dominant position in the bull market may turn into a disadvantage during the bear market. As the crypto market develops, more and more emerging assets that are independent of BTC's price movements will emerge, reshaping the market landscape.