$BTC has been trading sideways near the current price for a long time. The most fundamental reason is that the price is too high. Both the main funds and retail investors feel that the current price is expensive. This may be because the timing is not yet ripe, or it may be due to other unknown reasons, but the most critical problem is that the price is too high, the market is heavily held, and sufficient turnover has not been completed.

Without a sharp drop, there will be no large-scale turnover, and without large-scale turnover, the chips in the hands of the main funds will not be enough to support them to raise prices. If the main funds do not have enough chips, it will be too costly for them to raise prices, and the market will not be able to get rid of the bottom shock pattern, and it will not be able to form a bottom structure.

What is the 519 incident? It was a large-scale smash, a mutual trampling among market participants, accompanied by two months of bottom washing and emotional torture, which led to a collapse of confidence. Many people, including me, believe that the bull market is over.

Looking at the present, the market has not formed a consensus, and we have been in disagreement with the changes in the market. Emotions, funds, and Eastern and Western markets have not reached a consensus.

Although some floating chips can be washed out through small adjustments, Bitcoin may have gradually become a battlefield for gaming between institutions now that it has been accepted by many institutions and included in asset allocation. This may be why Bitcoin has shown such a trend in the past six months.