Most of the OGs have cashed out. Hodling culture has depleted. The institutional money is the new driver —and it's sophisticated, technical and only profit oriented.

$BTC is losing its essence, as the old custodians, cypherpunk and believers, who dreamed of the 'State Free' money and finance of freedom are being replaced by money minded big players.

The glue that hold the culture and emotion of BTC feels gone.

As so, with recent wipeout by liquidations and the robbery by memes, the retails have lost the conviction. That is to say the majority is sidelined, and so is the liquidity.
And adding more to it, the liquidity has rotated towards the other performing asset class.

With the fading demand side, and the new liquidity engines chasing only the gains, be it whatever, any bounce is to be sold off. The supply will keep pushing the prices downward, and it is to be continued unless liquidity flips dramatically.

It is not going to happen soon, not at least immediately.

Regular small bouncebacks are what we should be now used to. Fortune multiplier is just a random luck now.

Happy trading! DYOR.