Today's Market Update (1) Posting this while I’m out and about. Continuing from yesterday’s thread… The price has been consolidating all day along the 62k resistance line mentioned yesterday. What does this mean? First, on-chain data: not much change compared to yesterday. Realized losses (panic selling) remain low, indicating that selling pressure is still minimal. The number of coins transferred to exchanges daily is also staying low. However, the average holding period of coins sent to exchanges today is quite long. When old coins are awakened and sent to exchanges, it’s usually not a good sign. Fortunately, the total volume isn’t large, just the proportion is high. So for now, we’ll keep observing. ——————- From a capital flow perspective, yesterday the ETF finally flipped to net inflows—over $200 million, not huge, but still a positive signal. However, Coinbase’s negative premium hasn’t turned positive yet, and stablecoins aren’t expanding. Out of the three reversal signals from yesterday, only one has materialized. So, we still need to keep watching. Overall conclusion: Right now, we’re seeing bottom-testing without breaking, weakening sell pressure, undervalued overall coin prices, and no significant demand yet. Historically, this kind of setup tends to lead to wide-range consolidation. A breakout to the upside will require demand to emerge (those three signals mentioned above). Next post will dive into intraday analysis.