Recently, many frens have been asking if there are still opportunities to increase the position in Bitcoin. Can it break through the previous high points in the short term? Let's speak frankly and break down the current hurdles that Bitcoin faces.

Let's first talk about the macro aspect. The major economies around the world are still in a tightening cycle, and liquidity has been continuously squeezed. As a typical risk asset, the price of Bitcoin is closely related to global liquidity. Looking at the latest economic data, core inflation is still above the expected target, and the space for monetary policy to shift towards easing in the short term is limited. In this macro environment, it is indeed a bit precarious for Bitcoin to see a trend-driven increase, and the basis for going long appears insufficient.

Pay more attention to the chip structure. Currently, Bitcoin's chips are concentrated at high levels, with many retail investors stuck at these highs. Once they see a rebound, they think about getting out to break even, which creates significant selling pressure. In contrast, the concentration of chips at lower levels is decreasing, indicating that long-term holders are gradually exiting. Without the support of these long-term funds, the market finds it difficult to accumulate effective upward momentum.

Another issue is that the favorable factors that previously drove Bitcoin's short-term rise have now mostly been exhausted. This is also why the window for bullish sentiment is not so easy to find. Overall, if you want to go long on Bitcoin now, you need to assess the risk-reward ratio more cautiously.