Recently opening the market software, I saw that Bitcoin was once again a sea of green—though this time, it's the green of a decline. The price has been steadily falling, not even giving a decent rebound, swinging around $64,000, then quickly dropping again. Compared to the last bear market, this drop is more sluggish and prolonged, like a dead pond, with not even a splash of water.

Some friends joked, “This market is playing a hammer.” Though the words are rough, everyone understands the sentiment. No profits gained, and the mood is sinking along with the K-line. As the New Year atmosphere grows stronger, the crypto world feels as cold as an ice cellar. Many are shaking their heads: Forget it, take it easy, better to go home and enjoy the holiday.

Why is this drop so “dull”?

After listening to various opinions in the market, a few things seem to be secretly competing:

First, the footsteps of regulation are getting closer. Although long-term clear regulatory rules are a good thing, and there are even rumors of tax exemptions, the short-term market fears “uncertainty.” Without policy implementation, big funds dare not act rashly. As the wait-and-see sentiment thickens, trading volume shrinks accordingly.

Second, institutions are also adjusting their positions. Despite the lively hype around DeFi and Bitcoin ecosystems, the ETF funds that support the market are quietly flowing out. Large holders hold their coins, but on paper, they show “unrealized losses.” Pressure mounts—some choose to cut losses, others prefer to lie flat. This gradually drains market liquidity bit by bit.

Third, the market itself has lost confidence. When prices fall a little, everyone waits for a rebound; when they fall further, hesitation sets in; if it continues to drop, many simply stop trading. Trading becomes concentrated, but volatility actually decreases—this is not healthy bottoming, but more like the “downward drift mode” kicking in.

From a technical perspective, it’s also uncomfortable.

Looking at the indicators, the MA is almost entirely in a bearish arrangement, MACD continues to open below the zero line, and trading volume is pitifully small. Occasionally, a small bullish candle appears on the hourly chart, but it’s quickly swallowed back. This kind of movement isn’t like a sharp crash that’s quick and painful; it’s more like a dull knife cutting meat, which is even more tormenting.

So, what should ordinary people do?

If you are already heavily invested, cutting losses now might not be worthwhile. It’s better to stay calm and not let short-term fluctuations throw you off rhythm. If you are lightly invested or completely out of the market, then it’s even simpler: just watch the show. The market isn’t short of opportunities; what’s lacking is patience. The trend won’t fall forever, but it may not rise immediately either. Before the trend becomes clear, protecting your principal is more important than anything.

It’s the New Year—spend time with family, enjoy a good meal, buy some New Year goods. It might be more solid than trading cryptocurrencies. The market is always there; money can be earned endlessly—but it can also be lost completely. Knowing when to rest is also a kind of strength.

After all, a bull market isn’t something you endure through brute force; it’s the scenery seen by those who live long enough to witness it. $BTC ‌#当前行情抄底还是观望？