According to CoinMeta, Wu said that bitfinex and alpha believe that Bitcoin has shown characteristics of the mid-to-late bear market phase. Currently, the price is fluctuating between the long-term target of $52,699 and the short-term holding target of $67,176. The median price around $63,200 has provided support over the past two weeks, and if it falls below this level, the price may test the June low of $57,803 again. At the same time, the trading volume of Bitcoin spot has dropped to near the levels of early 2019, and the speed of on-chain transactions has reached a seven-year low, indicating that both market liquidity and trading activity are at low levels.