Yesterday, the market showed a clear structure of both bullish and bearish double kills, with prices returning to a high volatility zone after significant fluctuations. From the candlestick structure perspective, the bulls still hold a slight advantage, but the divergence between volume and price has become very apparent, indicating a high risk in continuing to chase prices upwards at this stage.

In terms of operations, it is more preferable to wait for prices to accelerate and challenge key weekly positions before looking for short opportunities at high levels. Overall, the current tendency leans towards a "period of oscillation and divergence within strength," rather than a one-sided continuation trend; participating in shorts at highs offers better value for money.

In terms of structure, the pattern of strong Bitcoin and weak altcoins continues, with no significant changes in the short term. Meanwhile, the perpetual contract funding rates for BTC and ETH remain negative, yet prices keep breaking upward, indicating that the current upward momentum does not stem from retail investors chasing prices but rather from bearish positions paying to maintain their positions, leading to passive pushes, with bearish pressure gradually accumulating.

In summary, the market appears strong on the surface, but internal structures have shown divergence. In the short term, it is crucial to be vigilant about high-level risks, with a focus on the feedback from volumes at key positions.

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