This week's market has been pumping at night and dumping during the day, without exception.

It's highly similar to the market in April. Although the process is grinding, the lows are gradually rising.

As mentioned yesterday, there is currently a lack of sustained incremental capital, which does not support a unilateral violent rally. Before macroeconomic data gives clearer signals, it is likely to continue the oscillating upward trend of two steps forward, one step back.

So far, this structure is still continuing, and our long bias remains unchanged. As long as the Fed's rate path does not see an unexpectedly hawkish shift, the long arbitrage window still exists. #btc $btc