Matrixport: The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the next few weeks may become a key node determining the trend of Bitcoin According to a report by Golden Finance, Matrixport released its weekly report stating that Bitcoin has reached a new historical high, but its overall momentum appears particularly fragile. The key indicators that once continued to rise have now shown significant differentiation, raising doubts in the market about the sustainability of this round of price increases. Debt expansion, seasonal factors, and changes in on chain structure are collectively affecting the market. Some data reflects a tendency towards profit taking in the market, while other indicators indicate that the core driving force of the bull market is still present. The gap between short-term enthusiasm and long-term confidence is rapidly narrowing, and the next few weeks may become a key point determining the trend. Over 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 subsequent momentum demonstrated by its sustained rise in the past. The overall timing is somewhat awkward, and the key indicators that have consistently supported strong upward momentum have not appeared simultaneously. Therefore, it is not surprising that Bitcoin currently maintains a range oscillation pattern. We believe that reassessing the downside risk signals at this point and determining whether a shift towards more defensive positions is necessary is a necessary strategy. Although Bitcoin hit a new historical high last week, on chain data may be able to more accurately reveal the internal health and momentum changes of the market.