Between bull and bear markets, only a "liquidity switch" separates them

Many people ask: Is this currently a mid-cycle pause in the bull market, or a brief rebound in the bear market? The answer may lie in liquidity. Bitcoin's resilience comes from its "global pricing + 24-hour trading" characteristic. When dollar liquidity is marginally loose, risk assets tend to move first; when yields rise, volatility will increase.
On-chain data showing increased net outflows from exchanges indicate that chips are migrating to cold wallets; expansion of stablecoin market cap means the "ammunition depot" is being replenished. The resonance of these two factors gives the market more confidence. Conversely, if miners face increased selling pressure and whales transfer assets to exchanges, beware of short-term turbulence.
Don't forget, Bitcoin's narrative is not just technical but also about consensus. When consensus is strong, valuations have an anchor; when consensus disperses, prices drift. Investing is not about betting big or small, but about managing probabilities. Treat your position like an accelerator—don't stomp on the pedal completely; treat stop-loss as a seatbelt—don't find it troublesome. True experts are not right every time, but even when wrong, they don't suffer heavy losses. #比特币行情分析