#比特币市场周期与价格 Recently, I have been observing the market trends of Bitcoin and discovered a phenomenon that confuses me🤔

Bitcoin has rebounded to around $94,000, sounds like it's about to take off, right? But looking closely at the data reveals that while trading volume is rising, the spot CVD and open interest are actually declining. What does this mean? It wasn't until later that I understood—this indicates that selling pressure is increasing, and people in the market are actually selling at highs rather than accumulating positions.

What's even more heartbreaking is that Bitcoin ETFs in the U.S. continue to see outflows, which means institutional investors are not too optimistic either. Glassnode's weekly commentary states quite frankly that while there are signs of recovery, market sentiment and positions remain cautious, and it seems everyone is still trying to regain confidence after the recent fluctuations.

I now have a bit of understanding of what is called the "market cycle" — it’s not just about the price going up, but the underlying capital flow and trading willingness are the true signals reflecting the health of the market. It seems that getting started really cannot just focus on the price; one must also learn to look at the "under-the-surface" data to better judge what the market is really doing 🔍