#比特币价格波动 Reviewing the Bitcoin trend, this recent fall below the key level reminds me of the Bear Market in 2018. At that time, the market was just as fragile, and investor confidence was low. However, history always repeats itself. Now, seeing the analysis from glassnode, the STH cost basis and -1 STD range have been breached, with 95K-97K dollars becoming the new resistance level. These indicators are all reminding us that the market is in a crucial period of seeking stability.

The outflow of funds from the US spot ETF, the lack of TradFi buying, and the decline in open interest in futures all corroborate the current weak demand. Remember at the end of 2018, the market was also filled with pessimism. But it was precisely at that time that true value investors began to quietly position themselves, laying the foundation for the subsequent bull market.

The current situation feels familiar, with a mild Bear Market trend continuing and the market structure facing challenges. However, I always believe that crises coexist with opportunities. The key is to remain calm and closely monitor whether demand can reappear at the critical price levels. If we can reclaim the $95K-$97K area, it might signal the beginning of a recovery in the market structure.

History tells us that every major fall of Bitcoin gives birth to the opportunity for the next round of rise. But at the same time, we must be wary of excessive optimism and maintain rational analysis. After all, the market is never as simple as we imagine. The key is to learn to survive in the cycle and grow amidst the fluctuations.