This month's market rhythm is sluggish and painful, with a mid-term overall stepwise rise, and upward momentum gradually limited.

The market started from the low of 70k, with major players repeatedly consolidating positions at 73k and 75k, solidifying the bullish bottom cost.
Currently, it touches the previous resistance zone without a deep correction; each decline is met with active buy-in, and funds have been flowing into spot ETFs for several consecutive days.
The daily chart has been operating along an upward channel for a long time, but the higher the price, the more obvious the market's bullish and bearish divergence becomes.

The large-scale decline at the beginning of the year accumulated a large number of trapped positions at high levels, making a continuous surge unlikely.
If the price remains above 77k steadily, it is likely to continue oscillating upward, digesting gains through fluctuations.
Going forward, it is prudent to wait for a pullback after breaking through the 80k threshold before adding positions steadily.

Currently, the large-scale rebound lacks incremental capital support, and the daily repair cycle is relatively long, still digesting the weak structure from the previous adjustment.
Overall, the trend is mildly strong; after a short-term push past 80k, a technical pullback could occur at any time.
The core support zone has moved up to 77k–77,500.
Short-term bears remain passive; the FOMC meeting at the end of the month is a key market trigger.
A short-term misjudgment can be corrected with stop-loss at key levels, but a trend misjudgment carries high risk.
Opening positions at critical points and implementing risk control stop-losses are essential.