As mentioned before, Bitcoin ETF has changed the fundamentals of Bitcoin and raised the lower limit of Bitcoin's decline. This is also a consensus reached with many bigwigs.

However, I would like to add that under the premise of raising the lower limit of decline, the risk of Bitcoin's short-term sharp decline will indeed be reduced (except for black swans), but it will also reduce the liquidity of Bitcoin itself.

So if there is no new "strong narrative" in the market in the future, then the market will be this kind of shock, consolidation, and then start to break through or fall, and then shock and rebound again.

In fact, in terms of the degree of torture, the current Bitcoin market may be more torturous than before. It is not happy to rise, and it is not happy to fall.

And in many stages, it may really be a stage where the long and short forces curse each other. In fact, if we don't talk about the time cycle, both long and short are right, but it seems to be a hooligan to talk about the rise and fall without the premise of the time cycle!

At the same time, Bitcoin is indeed too dependent on the macroeconomic environment and fundamentals, and it is difficult for independent market conditions to stimulate traders' buying sentiment.

#BTC走势分析