The upward movement under a healthy structure, BTC is actually the most likely to cause hesitation

Interestingly, when the market is truly healthy, it tends to be more hesitant. No extreme funding rates, no margin call news flooding the headlines, no candlestick charts soaring into the sky, only slow volume increase in spot trading, stable accumulation in ETFs, and steady price growth. This kind of market, neither as exciting as a bear market rebound nor as euphoric as a bubble phase, makes many people wonder: is this a short squeeze or a trap to lure more buyers?

From a structural perspective, it currently resembles a trend with a mild risk appetite recovery. Short squeezes usually rely on concentrated short positions and imbalanced holdings, but the current market does not show obvious one-sided consensus. The truly dangerous market is when everyone is bullish and all are leveraging; whereas now, everyone is bullish but still waiting for a pullback.

From this angle, the biggest characteristic of this round of rally is imperfection. And imperfection is often the reason why the trend continues. #比特币六连涨