Many people have recently been struggling with a question: how should we interpret Bitcoin's repeated fluctuations around the 90,000 mark? Some are digging up various theories of bearish divergence, while others are fantasizing that the so-called "healthy pullback" could provide an opportunity to enter at lower prices. But the problem is, all these judgments are based on a false premise.

What does sideways consolidation really mean? To put it simply — the chips willing to sell have almost been completely absorbed. There is hardly any real selling pressure in the market. This might sound counterintuitive, but it is precisely the most critical signal.

Think about it: two weeks ago, when negative news surfaced, if big funds really wanted to actively push the price down, Bitcoin would have already fallen to 70,000. What happened? It only dipped briefly before bouncing back. What does this indicate? The amount of capital waiting on the sidelines to buy in far exceeds the selling pressure in the market. No matter how many want to dump, they are continuously absorbed by unseen forces.

Now many people are feeling anxious: after such a long period of sideways movement at high levels, it must fall next; all the positive news has been exhausted, only negative factors remain; 90,000 is the stage top, and only by leveraging heavily can it continue to rise. But these are all reversed cause-and-effect assumptions. Having observed the market for so many years, I can tell you that once this kind of "refusal to pull back" pattern appears, it is very likely to be followed by a wave of acceleration.

The market’s true core action boils down to two words: turnover. Those profit-taking positions that entered around 60,000, and short-term traders who are scared and rushing to exit at 90,000, all need to be washed out now. What is replacing them is a batch of long-term funds that truly believe "100,000 is just the starting point." Once this turnover is complete… just think about what the subsequent market trend might look like.