Looking at the recent performance of several cryptocurrencies, the fundamental reason for their prolonged sideways movement is the severe lack of liquidity in the context of a major bear market. The market is filled with conflicting psychological stances: buyers are hesitant to push prices up aggressively, sellers lack the courage to fully dump, and both sides are waiting for a clear signal of a turning point.

The result is that prices repeatedly oscillate within a narrow range, creating an endless deadlock. Those caught in a surge and trapped are waiting for a rebound to break even, reluctant to cut losses; holders are eagerly awaiting an opportunity to exit; those hoping to buy the dip are afraid it hasn't fallen enough yet... Everyone is waiting, waiting for someone to break the deadlock and provide an opportunity, then all rally together. In this way, the market is stuck in a quagmire of lost confidence, with trading volume shrinking, sentiment depressed, and no one willing to act.