Matrixport: The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may become a key Node in determining Bitcoin's trend.

Golden Finance reports that Matrixport released a weekly report stating that Bitcoin has reached a new historical high, but the overall momentum appears particularly weak. Key indicators that had been continuously rising are now showing clear divergence, raising doubts in the market about the sustainability of this rise. Debt expansion, seasonal factors, and on-chain structural changes are jointly affecting the market. Some data reflect a tendency for profit-taking, while other indicators show that the core driving forces of the bull run are still present. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the coming weeks may become key nodes in determining the trend. In the past six weeks, we have maintained a relatively cautious trading stance. The reason is that Bitcoin's recent breakthrough attempts lack the confidence and momentum demonstrated during previous sustained pumps. The overall timing is somewhat awkward, and the key indicators that have consistently supported strong upward movements have also not appeared in sync. Therefore, it is not surprising that Bitcoin is currently maintaining a range-bound oscillation pattern. We believe that it is a necessary strategy to reassess the downside risk signals at this time and determine whether a shift to a more defensive position is needed. Although Bitcoin reached a new all-time high last week, on-chain data may reveal the internal health status and momentum changes of the market more accurately.