Cryptocurrency Market Remains in Bullish Trend Amidst Liquidity Rebalancing

The current state of the cryptocurrency market can be characterized as a high-level liquidity rebalancing, rather than a trend reversal. This phase is marked by a decline in short-term sentiment fluctuations and a reevaluation of risk-reward ratios by medium- and long-term funds.

On-chain data shows that market liquidity has not truly dried up, with stablecoin supply ratio (SSR), on-chain activity, and trading volume remaining relatively high. This suggests that capital within the market is in an observation and reallocation phase, rather than a systemic exit.

The market's trading structure is currently dominated by short-term trading decisions, with BTC operating within the 80,000-82,000 USDT range. Key support levels include 80,000 USDT, 79,050 USDT, and 78,675 USDT, while resistance zones are situated at 81,300 USDT and 82,000 USDT.