#比特币价格走势 Looking back at the past, I have witnessed the ups and downs of the Bitcoin market. Now, seeing the analysis report from glassnode, I can't help but feel that history is repeating itself once again. Bitcoin has fallen below the STH cost base and the -1 STD range, with the 95K-97K dollar area becoming a key resistance level. This situation has been common in past cycles, each time indicating a turning point in the market structure.

Weak spot demand, outflows from US ETFs, and TradFi asset allocators standing still—all these signs suggest that market sentiment is becoming cautious. The reduction of speculative leverage and the repricing of risk in the options market all corroborate this. It reminds me of the period at the end of 2018 when the market also went through a deep adjustment.

Bitcoin has fallen below the 0.75 cost benchmark threshold, entering the so-called "bear market" zone. This level has historically always been a watershed for the transition between bulls and bears. I have witnessed Bitcoin repeatedly struggle at this juncture multiple times, ultimately determining the trend for the following period.

The current market is in a phase of seeking stability, and its future direction will depend on whether demand can reappear near key cost levels. Looking back, this kind of uncertainty often breeds opportunities. Whether at the end of 2015 or the beginning of 2019, the next round of increases brewed under similar market conditions.

History always repeats itself in new ways. For those who have experienced multiple cycles, it is crucial to maintain patience and rationality. The market will eventually find balance, and true value will always be revealed through the test of time.