Matrixport released a weekly report stating that Bitcoin has hit a new all-time high, but the overall momentum seems particularly fragile. Key indicators that had been continuously rising are now showing clear differentiation, casting doubt on the sustainability of this round of increase. Debt expansion, seasonal factors, and changes in on-chain structure are all acting on the market. Some data reflects a tendency in the market to take profits, while other indicators show that the core driving force of the bull market is still present. The gap between short-term enthusiasm and long-term confidence is quickly narrowing, and the next few weeks may be a critical juncture in determining the trend.
