In early 2026, the Bitcoin market is undergoing a profound structural test. The global liquidity tightening led by Federal Reserve policies is directly extracting the lifeblood of the crypto market. The market is in a short-term bear cycle, with long-term holders experiencing unrealized losses for the first time, and stablecoin funds continuing to flow out, collectively forming the current core picture of a 'fragile balance under liquidity tightening.'

1. Market Status: Liquidity Drying Up and Confidence Undermined
The current Bitcoin market presents a contradictory fatigue: although prices have not collapsed, the inherent momentum in the market has significantly diminished.