The current emotional state of market participants, and the obvious feature now is "depression";
When the price is at the bottom and the volume is shrinking and fluctuating, the depressed mood is a sign of bottoming out;
When the price is at a high level and the volume is shrinking and fluctuating, the depressed mood is a sign of a bear market;
So is it a low or a high now?
I think it is the high since 2020 and the low before 2026.