I just trimmed part of my position at $B2 to take profits. I still have a position and haven't exited.
On the chart, after surging higher, it entered a sideways consolidation. Short-term buyers who chased the rally are being shaken out, and the price has been moving back and forth near the previous area of heavy trading. This level isn't cheap, but there hasn't been a clear breakdown either. Both bulls and bears are waiting to see what the next move in volume signals. When market sentiment is cautious, volatile assets like this are often among the first to be sold; conversely, as long as the broader market stabilizes, its rebound could be stronger than that of mainstream assets. One risk to watch is that overhead supply from trapped holders has not yet been fully absorbed, so a rally followed by a pullback remains possible.
The narrative is built around Bitcoin layer 2 and on-chain yield. It was hyped once before and now seems to be coming back into focus, but capital has yet to truly return. Whether it can continue to strengthen depends not on the slogans, but on whether real capital and activity remain in the ecosystem. For now, this looks more like a period of disagreement than one of broad bullish consensus.
My view: This looks more like a period of disagreement than one of broad bullish consensus. Until the overhead resistance has been absorbed, the staying power of any rebound should be discounted.
On the chart, after surging higher, it entered a sideways consolidation. Short-term buyers who chased the rally are being shaken out, and the price has been moving back and forth near the previous area of heavy trading. This level isn't cheap, but there hasn't been a clear breakdown either. Both bulls and bears are waiting to see what the next move in volume signals. When market sentiment is cautious, volatile assets like this are often among the first to be sold; conversely, as long as the broader market stabilizes, its rebound could be stronger than that of mainstream assets. One risk to watch is that overhead supply from trapped holders has not yet been fully absorbed, so a rally followed by a pullback remains possible.
The narrative is built around Bitcoin layer 2 and on-chain yield. It was hyped once before and now seems to be coming back into focus, but capital has yet to truly return. Whether it can continue to strengthen depends not on the slogans, but on whether real capital and activity remain in the ecosystem. For now, this looks more like a period of disagreement than one of broad bullish consensus.
My view: This looks more like a period of disagreement than one of broad bullish consensus. Until the overhead resistance has been absorbed, the staying power of any rebound should be discounted.
