The market isn't particularly eager to buy, but it's increasingly unwilling to sell.

If it were a strong uptrend, you'd see a flood of chase orders rushing in, the order book pushing higher, and sentiment running hot.

But right now, it feels more like the selling pressure below is easing. Those who were supposed to sell have already sold, and the macro hasn't continued to worsen, so many positions are starting to be reluctant to give up at this level.

That's also why the recent chart doesn't look explosive, yet it's not easy to push down.

BTC feels more like a relatively strong consolidation. It's not strong enough to make people mindlessly go long, but it's not weak enough to justify a heavy short. It still lacks a new catalyst to fully accelerate the market on the upside, but the support below has become much more stable than before.

ETH is more noticeable. After a period of weakness, if no fresh negative news continues to weigh it down, once positions lock in, it tends to form a structure of "shallow pullbacks and quick bounces." Simply put, there aren't as many people willing to sell anymore.