This week, entering Thursday, the market rhythm has become very clear, the pullback has become the main tone. After continuous declines, there is only one trading day left on Friday, and it is basically unrealistic for the weekly K-line to close with a strong bullish candle; more of it is focused on consolidation and repair. From a structural perspective, there indeed was a resonance rally at a level below 4 hours yesterday, but such rebounds belong more to technical repairs in a weak environment, which instead accumulated greater bearish forces during the process, ultimately leading to a larger plunge, bringing the price back to the starting point from a week ago.

However, it should be noted that the current decline is more about "releasing emotions" rather than a trend reversal. There is actually not much room for further significant drops, especially since Bitcoin's weekly structure still maintains a good bullish shape; this round of pullback leans more towards healthy retracement, allowing for re-accumulation of power for future trends. From a macro perspective, the Federal Reserve's interest rates remain unchanged, which essentially belongs to a "slightly bearish expectation"; the market had already reacted in advance during the day yesterday, and at night, the Nasdaq maintained fluctuations, with overall risk sentiment not worsening further.

The current market has gradually shifted from a one-sided pullback to a bottoming phase. The characteristics of this phase are: converging volatility, fluctuating emotions, and unclear direction, but it is also a process of capital reallocation and structural reshaping. In the short term, it is not suitable for emotional chasing and cutting losses; rather, attention should be paid to whether the structure is gradually stabilizing and whether there are signals of multi-cycle resonance appearing again. Once the bottoming is completed, the subsequent trend often does not provide too many opportunities to get on board.
The core of the current market is:
The intra-week pullback has basically released emotions
The larger cycle structure has not been disrupted
It has entered a consolidation bottoming phase in the short term

The real opportunity is not in the decline, but at the moment when the consolidation ends.

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