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Today's overall market shows a contraction in volume, and the short-term rebound clearly lacks sustainability.
According to the Wintermute research report, due to the continuous decline in spot trading volume, the market dominance has shifted to leveraged funds, resulting in significant price volatility without direction. Bitcoin has been unable to stabilize after breaking through $68,000 and is currently fluctuating around $67,000. Ethereum and major altcoins are similarly facing the predicament of 'not being able to rise,' as bulls attempt to counterattack but encounter key resistance levels.
On the macro level, there is a lack of clear signals, coupled with the market's absence of structural buying power to absorb selling pressure, leading some traders to view every rebound as an opportunity to reduce positions. In the short term, the market is likely to continue fluctuating within a range, with $70,000 still being a strong resistance level.