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The pressure level indicator is becoming increasingly critical. Looking at the current situation of BTC, a lot of funds have accumulated in both futures and spot markets, and it has even made it onto the hot project rankings. However, as soon as it hits a major resistance level, there's immediately a wave of pullback—sometimes it even drops out of the hot list directly.
The fundamental reason is actually quite painful. Market liquidity has shrunk by at least 80% compared to early 2024, and relative to 2023, it has deteriorated by over 95%. What does this mean? It means that the cost for manipulators to dump the market has been greatly reduced, making it easier for the price to be pushed down at critical levels.
The risk of resistance levels failing due to liquidity exhaustion is becoming the core contradiction in current trading.