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I feel like the current upward logic of Bitcoin has a sense of being stuck or blocked.
For example:
Traditional institutions buy Bitcoin through ETFs on the first day, and because the buying volume is sufficient, Bitcoin will rise. Suppose a Wall Street fund's strategy is 98% traditional assets + 2% spot BTC.
Then on the second day, after BTC rises, its proportion in the fund's strategy expands from 2% to 5%, triggering institutional risk controls, leading to passive selling, and causing BTC to fall... So Bitcoin rises, but then Bitcoin falls 😂
Currently, the crypto market is dominated by leverage and derivatives trading volume. When Bitcoin rises, long leverage increases, but there is no real spot buying support underneath—it's all contract leverage piled up. At least a slight correction triggers a chain of liquidations, and then it drops back to the original point.
Are these reasons causing Bitcoin to bounce back and forth repeatedly?