The current price is consolidating in the 2920–2960 range. Trading volume has significantly decreased, and the selling pressure has largely been released. The MACD is in the late stage of bearish decay but has not yet formed a strong bullish trend. The RSI has rebounded from extreme oversold levels to 40–50, with market sentiment shifting from panic to wait-and-see. In the short term, avoid chasing; both bulls and bears should wait for confirmation. The trend will mainly follow the range.

There are no new "substantial negative news" at the moment; it appears more like a concentrated clearing after the previous bullish momentum was realized.

BTC and ETH are declining simultaneously, indicating systemic risk release. On-chain and capital aspects: liquidation volume has significantly decreased, and new panic selling is weak. This is a recovery phase after all negative news has been digested, but not an immediate reversal.

Retail investor sentiment: those who chased longs at high levels have been washed out. At low levels, they dare not buy, fearing further declines.

Main force sentiment: not rushing to push prices up, more inclined to sideways consolidation to grind time and perform dual-sided harvesting.

Entry zones: Longs 2880–2910, Shorts 3000–3050