Recently, the entire market has been moving sideways, honestly a bit exhausting. It wasn't until the past few days that things started to heat up.

The negative impact of Japan's interest rate hike two weeks ago has basically been digested. Following the current trend, the market should gradually rebound to the 92K to 93K range. Two weeks ago, when Bitcoin was around 88K, I started accumulating some spot positions in batches. However, because I was about to take a long-haul flight and signals might be unstable, I sold everything in advance at a little above 91K.

Looking back at the past three months of trading, I made three swing trades in spot, and the returns accumulated slowly. This market is very interesting—every bear market dip is followed by a rebound, and then people start asking, "Is the bull market coming back?" Especially recently, the performance of altcoins and Meme tokens has been particularly fierce, making it easier to get the illusion that the altcoin season is about to revive.

Now I am back to holding no positions. The next major move will likely be related to the upcoming FOMC meeting at the end of the month. A week before the meeting, there will probably be a barrage of news and market chaos.

In this kind of weakening market phase, my trading strategy becomes more conservative, and I slow down the pace. To put it simply: be cautious during the bull-to-bear transition, and only go all-in during the bear-to-bull transition. Risk management always comes first.