Bitcoin Status 8. Add conclusion: Although a significant portion of the recent surge has been retraced, this is not a structural collapse. The retracement stems from liquidations, meaning that positions funded by leverage have been removed—thereby reducing systemic risk. Currently, the primary entities supporting the price are ETFs and retail investor accounts. Large positions are being reduced. The quality of the price-supporting force is weak. The only positive signal is the decline in selling pressure, which has dropped from −203M to −7.5M. This is a classic sign of base-building—and also reflects simple exhaustion of trading volume.
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