In this downward cycle, big funds are operating behind the scenes with a well-organized approach. They use a combination of weak rebounds and narrow-range oscillations, gradually eroding retail investors' patience while secretly accumulating positions.

On-chain data has sent signals. Recent large transfers over the past two days are concentrated in the price range of 0.69–0.72, a volume that clearly isn't achievable by retail investors—more like whales gradually accumulating at the bottom. Exchange deposit and withdrawal data is also interesting: deposits are increasing, withdrawals are decreasing, indicating that chips are gathering at exchanges, which usually suggests that there may be coordinated actions in the futures market later.

Looking at the order book, it appears quite intimidating. The 0.74–0.76 range is filled with sell orders, creating significant pressure. But how about actual transactions? Orders are quickly withdrawn, and small orders are gradually eaten up—this is a standard fake resistance trap. The goal is clear: to create the illusion of difficulty in rising, scare off those wanting to go long, and even induce them to open short positions in the opposite direction.

Market sentiment is currently very negative. Retail investor sentiment is panic-stricken, with very few bullish traders; everyone is waiting for lower prices. But think about it—this unanimous bearish outlook actually provides the perfect opportunity for the main players to operate in the opposite direction. As soon as the price breaks above the upper boundary of the range, a collective stop-loss from short positions could trigger a rapid surge, potentially reversing the trend instantly.

Overall, this isn't just a simple downward decline. It resembles a period of consolidation after full preparation, which could break the situation at any moment.