The market at the current stage resembles an endless "tug of war." Prices continuously bounce back up and then drop down; just when you see a glimmer of hope for recovery, an adjustment occurs that pulls it back down immediately. This cycle repeats itself many times, causing investors to gradually lose patience and trust.

Throughout that process, the market was not short of negative news releases – from macroeconomic news, legal risks, to unexpected fluctuations from major projects. This information acted like "pouring oil on the fire," further destabilizing sentiment. Each time this happened, many investors who were already under pressure from losses became even more confused, leading to panic selling right at the recovery zone.
The familiar scenario that often occurs is: after countless times of psychological "torture", when most retail investors have lost patience and cut their losses in fear, the market finally starts to initiate a real upward trend.
This is the loop that the financial market in general and crypto in particular has witnessed many times: prices fluctuate sharply to test psychology, eliminating those who are weak and impatient, before entering a new growth phase.