After $BTC , following a continuous upward advance, the market structure is beginning to reveal a subtle sign of fatigue. The pushing rhythm on the daily chart has started to show divergence between price and volume, and the earlier strong ETF net inflows are also showing signs of slowing. Near the POC area with dense positioning, the marginal effect of the main forces trying to open up new space simply by short liquidation is diminishing.
Judging from the liquidity distribution, the key contradiction at present lies in the heightened bullish sentiment on one hand, and the liquidity that remains un-cleared below on the other. Along the lower edge of the weekly, large-level consolidation range, liquidity has never undergone sufficient cleansing. In the absence of enough counterparty bids to absorb from above, it is extremely difficult to simply step into a smooth, one-way trend.
Reorganizing breakout momentum often requires time and space to consolidate. A more natural scenario is to rely on deeper, wider-range consolidation to hunt down and eliminate floating long positions near the lows, and then regroup short positions in the resistance zones. The next core focus is whether, during the pullback process, spot funds can form effective absorption in the key support area.
Judging from the liquidity distribution, the key contradiction at present lies in the heightened bullish sentiment on one hand, and the liquidity that remains un-cleared below on the other. Along the lower edge of the weekly, large-level consolidation range, liquidity has never undergone sufficient cleansing. In the absence of enough counterparty bids to absorb from above, it is extremely difficult to simply step into a smooth, one-way trend.
Reorganizing breakout momentum often requires time and space to consolidate. A more natural scenario is to rely on deeper, wider-range consolidation to hunt down and eliminate floating long positions near the lows, and then regroup short positions in the resistance zones. The next core focus is whether, during the pullback process, spot funds can form effective absorption in the key support area.