The rebound of Bitcoin has encountered resistance, which aligns with our expectations. As I have always emphasized, once a low-volume rebound meets selling pressure, the likelihood of price adjustments increases significantly. From a technical perspective, a reversal with increased volume indicates a certain imbalance in market supply and demand, and it is necessary to observe whether the supply pressure persists. I judge that the market will not experience a continuous rapid decline, although the future may still be weak, I expect there will be a process of oscillation and adjustment, with a low probability of a direct crash. The large cycle is still in a high-level oscillation range after an increase; strictly speaking, the trend remains upward, but there is a higher likelihood that Bitcoin is at the top range of the long cycle. Ethereum's performance is correlated with Bitcoin; market funds are still inactive, and ETH lacks independent upward momentum, more so moving in tandem with the overall market. In terms of altcoins, affected by the weakening of Bitcoin, the overall market liquidity is poor, lacking a profit-making effect, hence the pullback in altcoins is also relatively severe. If Bitcoin stabilizes in the future, the altcoin market is expected to recover. On one hand, this relies on the restoration of confidence; on the other hand, the return of the profit-making effect will help attract more funds into the market, invigorating the market atmosphere.

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