最新报道:According to a weekly report from Matrixport, Bitcoin has reached a new all-time high, but overall momentum appears particularly fragile. Key indicators that had previously shown consistent growth are now diverging, raising doubts about the sustainability of this rally. Debt expansion, seasonal factors, and structural shifts in the on-chain structure are all contributing to the market. Some data suggest a tendency toward profit-taking, while others suggest the core drivers of the bull market remain intact. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may be crucial for determining market trends. Over the past six weeks, we have maintained a relatively cautious trading stance. This is because Bitcoin's recent breakout attempt lacks the confidence and follow-through momentum demonstrated by previous sustained gains. The overall timing is somewhat awkward, and key indicators that typically support strong upward momentum have not coincided. Therefore, it is not surprising that Bitcoin is currently range-bound. We believe it is necessary to reassess downside risk signals and determine whether a more defensive position is warranted. Although Bitcoin reached a new all-time high last week, on-chain data may provide a more accurate picture of the market's underlying health and momentum.