Bitcoin is now consolidating above an important support level, a situation somewhat similar to ancient technical analysis theories like dinosaur names, but it still seems effective. I’ve noticed that over the past few days, altcoins have been hammered down, and everyone is taking profits; this is a normal cycle.

The current market feeling is that everyone is waiting for the next move. Bitcoin is holding a key position, but the selling pressure on altcoins is still quite strong. At such times, it’s usually necessary to observe trading volume and capital flow to see if it’s a genuine correction or just a short-term shakeout.

Overall, this is a period of observation. If Bitcoin can continue to hold this line, there may be new upward momentum later. But if it breaks below, there could be a deeper correction.