The key point is here: the cost for new buyers is lower than for old buyers! This indicates that smart money is secretly entering the market, exchanging floating chips. This current sideways movement, rather than being an adjustment, can be seen as the market offering chips at a "low price." Don't hesitate, this is the last opportunity for retail investors to enter at a low cost.

Bitcoin is caught in a tug-of-war
The current Bitcoin, to put it bluntly, is being kept in a "tug-of-war" mode by the macro environment. The price has retraced from 126,000 to 89,000, and the fear index has dropped directly to 23. Although no one is saying it out loud, everyone is feeling anxious inside. The bears have strong reasons: the Bank of Japan is planning to raise interest rates to 0.75%, a height not seen in nearly 30 years. Historically, when the yen tightens, Bitcoin tends to get hit hard; coupled with the fact that U.S. Treasury yields are stubbornly high, global liquidity is continuously being drained, and the deleveraging has conveniently pushed the price down to below 84,000. However, the bulls are not giving up either; the Federal Reserve has ended quantitative tightening, initially injecting 13.5 billion dollars, with the possibility of injecting more later on.