Bitcoin rose yesterday due to a ceasefire, but the situation is irreversible. The downward channel has already opened, and it’s difficult to rebound back to $12,000. Currently, the best scenario is sideways consolidation or continued decline, completing the bear market cycle. The overall market liquidity is now in a bearish trend, and some news is needed to stimulate a rally. Looking at the longer term, without any positive news, the market will continue to decline and fluctuate sideways. Isn’t this the rhythm of a bear market? Compared to 2023, when there was no news but prices kept rising, and even when there was bad news, the market quickly rebounded—perfectly fitting a bull market. The current situation is exactly the opposite.