$BTC increased for 2 weeks, then returned to the starting point in 1 day—this is the norm under liquidity scarcity. The rebound is not dead, but the breakout has not materialized. The market has yet to prove it can turn the area above 74,000 into support, which is the most typical manifestation of insufficient liquidity. Spot trading volume on major exchanges in 2026 is about 25% to 30% lower than at the end of 2025, while futures open interest has also increased noticeably, meaning market depth and leverage absorption are both thinning. In this environment of thin order books, even relatively small sell orders drive prices down faster because there aren't enough bids on the book and buy-side replacement is not continuous enough. Although the US spot Bitcoin ETF has resumed continuous net inflows with weekly inflows of approximately 767 million US dollars, which once provided momentum for price surges, BTC remains significantly weaker than early-year levels, and last week was still about 19% below early January opening positions. Thus, capital reflux has not yet been strong enough to approach fundamental structure. What this market fears most is not bad news itself, but "not having deep enough bids to absorb bad news," resulting in price action often appearing as "up for a bit, then down in a day, with charts resetting to zero." Watch for three things: First, whether spot ETFs can maintain continuous net inflows; Second, whether trading volume and open interest can rise in sync; Third, after a price breakout, whether it can hold at higher levels sideways, rather than faltering after initial push. If spot volume remains low, order books stay thin, and rebounds continue to rely mainly on short squeezes, then BTC repeatedly showing "slow gains, quick drops" is likely to be the norm under this kind of liquidity-constrained environment in 2026.