The second half of the bull market, no matter how strong the upward trend is, there is no purely one-sided increase. As prices rise, the amount of funds needed to drive the price higher increases. 100,000 is a significant threshold. For retail investors in this round of halving, prices above 100,000 are already considered high in their psychological pricing, making it easy for them to sell off immediately. When there are sell-offs, there will be pullbacks, but the pullbacks from retail investors are usually very small. The large fluctuations are caused only by the major players, and the factors leading to concentrated sell-offs by these major players are solely based on information. The most important factor is the monetary policy of the Federal Reserve, followed by external factors such as war, pandemics, etc. Therefore, even in the absence of any guiding information, prices cannot rise without falling. Thus, the reversal after the December 18 interest rate meeting's pullback should not be understood as a one-sided increase, but rather that the pullback has ended and the bearish trend has turned into a bullish trend. The lack of interest rate cuts in January is bearish, but this bearish sentiment has already been digested by the market; the pullback in the previous two weeks is a manifestation of this bearish impact.