#比特币行情观察 is affected by the following factors, Bitcoin fall continues.

1 Policy Factors
The People's Bank of China, together with 13 departments, reiterated its prohibitive policy on virtual currencies, emphasizing that virtual currencies do not have the status of legal tender and that related business activities are considered illegal financial activities. This policy statement has intensified market panic and raised concerns among investors about the safety of their funds.

2 Liquidity Crisis
The liquidity in the cryptocurrency market remains tight, with insufficient order book depth, leading to increased price volatility. The concentrated liquidation of leveraged long contracts further amplified market fluctuations, with nearly $100 million in leveraged longs being forcibly liquidated in the past 24 hours.

3 Institutional funds outflow
The Bitcoin ETF in the United States (such as BlackRock's IBIT) recorded a large net outflow in November, with a total outflow of about $800 million, setting the largest withdrawal record since March. The cautious attitude of institutional investors has intensified market selling pressure.

4 Technical Indicators and Market Sentiment
The price of Bitcoin has fallen below key support levels (such as the 50-week moving average), and technical indicators show that the market is in an oversold state. However, the Fear and Greed Index has dropped to the "extreme fear" range, indicating that investor sentiment is extremely pessimistic.

In the short term, the price of Bitcoin may continue to fluctuate at a low level, and attention should be paid to the Federal Reserve's policy direction, the recovery of liquidity, and the further impact of regulatory policies. Investors should operate cautiously and avoid blindly bottom-fishing.