$BTC Current market sentiment is stabilizing overall, with participants broadly awaiting further clarity on Federal Reserve policy expectations. Although prices have experienced short-term pullbacks, the comprehensive performance of on-chain data and technical indicators suggests that the internal market structure is displaying significant positive shifts.

First, from on-chain data observation, despite modest price fluctuations, buying pressure is quietly returning. Marginal improvements in capital inflows are typically viewed as a signal of market bottom consolidation, indicating that smart money has begun positioning at current price levels, providing genuine liquidity support for subsequent upside moves.

Second, from a technical analysis perspective, short-term charts have issued classic bullish signals. Observing the 1-hour and 4-hour timeframe candlestick charts, while prices have exhibited lower highs during the pullback, key momentum indicators (such as RSI or MACD) have actually formed higher lows. This "bullish divergence" structure often signals that the market's downside momentum is weakening and sellers are showing fatigue. Historically, such signals are frequently considered precursors to trend reversals or significant-scale rebounds.

Particularly noteworthy is the health of the daily timeframe. The current daily RSI indicator stands at approximately 60, a value with significant reference value: it has neither entered the overbought zone above 70, indicating near-term absence of overheating risk; simultaneously, it remains firmly positioned above the 50 midline in the strength zone, confirming that the mid-term uptrend structure remains intact. This state of "strength without overheating" typically suggests that prices have ample room for further upside.

In summary, the market is in a quiet period awaiting macro signal implementation, while internal momentum is completing repair and accumulation. The return of on-chain capital flow combined with technical indicator bullish divergence suggests the short-term pullback may be nearing its conclusion, with upside momentum likely to resume once sentiment becomes clear.#SEC与CFTC新监管指引