After experiencing a historic "Black Weekend" crash the previous day, the crypto market has entered a phase of intense long-short tug-of-war and consolidation. Bitcoin's price has been oscillating within the 77,000 to 78,000 range, attempting to find a new equilibrium after significant deleveraging. Ethereum is fiercely contesting the 2300 level, with multiple dips below this psychological support during trading. This volatility is a follow-up reaction to the over $2.2 billion in total network liquidations on the previous trading day, leading to a large-scale wipeout of market leverage. On-chain data shows that whales are transferring assets to exchanges, while some funds are flowing out of exchanges, reflecting a mix of risk aversion and wait-and-see sentiment in the market.

The current market is in an extremely fragile consolidation phase. On the daily chart, both BTC and ETH have entered a period of decreasing volume and sideways movement after sharp declines, typical of recovery after a crash. Key indicators show that market panic has reached an extreme, with the Fear and Greed Index dropping into the "Extreme Fear" zone. Meanwhile, the daily RSI has entered deeply oversold territory, creating conditions for a technical rebound. However, the derivatives market's open interest has decreased, and funding rates indicate that longs are passively absorbing selling pressure, suggesting that the rebound is not driven by strong active buying. The market structure remains defensive. The market has not yet escaped danger zones; bottom-fishing should be approached with caution. Conservative traders may wait and see until a clear bottom structure forms or prices successfully break above key resistance levels. In the short term, consider going long to catch a technical rebound, but the overall trend remains bearish with a high-altitude outlook. #加密市场回调 $BTC