"Why is Bitcoin fluctuating at this stage? 1️⃣ The previous surge was too fast and needs time to consolidate. This rally initially started with a historic-level short squeeze, followed by approximately $2.23 billion in ETF inflows. However, the short squeeze fuel along the way has largely been consumed, so the marginal momentum of that kind of "short squeeze rally" is now declining. 2️⃣ The 81K–85K range isn’t just a regular resistance level; it’s a real "wall of supply." This is actually the main reason I think we’re seeing this consolidation. In other words, every time BTC approaches 81K or 82K, it encounters increasingly significant selling pressure. 3️⃣ The 75K range isn’t exactly a comfortable level for shorting either. Recently, ETF funds have started flowing back in noticeably. According to Farside data, there were almost continuous net inflows from August 17 to 27, with only a net outflow of about $202 million after Warsh’s speech on August 28. This shows there’s money supporting the lower levels, but the strength of the inflows isn’t stable enough to create a unilateral trend. Most importantly, if you look at the macro environment, it’s currently in a state of "two opposing forces counterbalancing each other." Treasury vs. the Fed, with money-printing anxiety spreading across the U.S. It’s stuck in a classic "support below, supply above" repricing phase. So, there’s neither enough reason for a major drop nor sufficient new capital to immediately absorb all the supply above 85K. What else can it do but consolidate? But consolidation is a good thing—longer sideways, higher verticals! Let’s just be patient! This phase’s bitcoin:native range (75,000–82,000) is like the value range (34,000–47,000) after the last bear market." #Bitcoin #Crypto #BTC