Brief Update: Bitcoin successfully returned to the $110,000 mark on June 9, appearing to have a strong rebound, but in reality, there are hidden concerns. By observing the key indicator of 'funds and price incremental gradient', we find that the inflow of funds has not increased in tandem, instead forming a typical divergence structure.

Looking back at the trend, the first divergence signal appeared on May 22, when the BTC price hit a new high, but the indicator did not rise in sync and recorded a lower peak, indicating that the capital strength in the market had begun to weaken at that time. The second divergence occurred on June 9, with the funds indicator dropping even deeper, further confirming the structural weakness within the market.

This divergence is not the first time it has appeared in history; its trend structure is quite similar to that in April and December 2024—during the short-term price surge, funds failed to continue flowing in, resulting in weak subsequent gains.

Of course, the short-term price increase in the market does not completely rely on fund-driven momentum; in the current environment of relatively low liquidity, player sentiment may also become a short-term driving force. However, sentiment is difficult to sustain, and the existence of divergence suggests that market momentum may be overdrawn.

Unless Bitcoin can achieve a strong surge in a very short time to completely reverse the current divergence situation, the market may face a trend of volatility or even a correction.