From the core logic of the market, the divergence between the price-volume structure and the flow of capital signals an accumulation of risk signals. Although the market makes new highs, capital experiences net outflows, reflecting that major players are exiting at high levels. The rally lacks incremental capital backing and relies on short-term speculation, so its continuity is insufficient.

From a technical perspective, the order book is releasing clear signals of a peak. The coin price enters an overbought range, and the upper band of the Bollinger Bands shows obvious suppression; a pullback is unavoidable. The KDJ indicator’s J line is muted at a high level, with a clear decline signal. A subsequent death cross will drive the price lower, starting a correction.

In addition, the market’s rise depends on sudden news catalysts and lacks fundamental support. The key support below lies at the middle band of the Bollinger Bands. If it is broken, the “dead stop” defense will collapse and the market will trend downward in a choppy manner.

BTC rebound near 65,800-66,400, then look down to 65,000-64,000.

ETH rebound near 1,740-1,770, then look down to 1,705-1,630.