Some analysts are flagging headwinds for crypto this week—government uncertainty and the typical seasonal dip during low volume windows are weighing on sentiment. The bearish case seems pretty locked in: correction pressure, policy noise, and that familiar pattern of thin liquidity pushing prices around. Talk of another euphoric rally feels distant right now.

But here's the flip side—digital gold thesis keeps finding believers. Bitcoin's scarcity narrative and Layer 1 adoption momentum tell a different story. While near-term consolidation is real, the longer structural tailwinds in blockchain infrastructure and institutional interest haven't evaporated. The market's probably playing both sides: digesting weakness while positioning for the next leg.