The BTC monthly line has closed, let's talk about a few key points:

1. The monthly close hits a new high! The general trend structure of the simultaneous rise of the highs and lows is still solid, and there is no sign of turning bearish at present, but it should be noted...

2. The monthly trading volume continues to shrink, showing a notable divergence from the peaks seen in early 2021 to 2022. Therefore, the key support for the bull market should be around the previous low of 74k!

3. In a major bullish trend, a reduction in trading volume while prices slightly reach new highs indicates low selling pressure and also suggests weakened demand. If the volume significantly increases while reaching new highs, it may indicate problems on the supply side...

4. The front wheel's cow top shows a weekly and monthly top divergence. This round's level seems to have shrunk, only showing a weekly top divergence. Therefore, even if it triggers a bear market, its depth may not reach that of the previous round and is more likely to be a technical adjustment.

5. It is necessary to pay attention to the "multi-cycle superposition" effect, such as the halving cycle, the monetary policy cycle, the trade war cycle, and the inclusion of BTC in the global asset reserve cycle, etc., which may jointly affect the market, and the future market may become more complex and disorderly.

6. The advantages of BTC leading the way may become disadvantages during a downward cycle. The crypto market is constantly evolving, and more and more new assets that are not influenced by BTC prices will inevitably emerge.