#加密货币市场调整 Reviewing the crypto assets market over the years, periodic adjustments have long been commonplace. Currently, Bitcoin has fallen below a key level, once again verifying the fragility of the market. Having experienced multiple cycles of bulls and bears, I know well that moments like this require calm observation.

According to the analysis from glassnode, the STH cost basis has been breached, and buyers are under pressure recently, with the $95K-$97K range becoming a new key resistance. This reminds me of the crash at the end of 2018, when a similar technical breakout triggered a chain reaction.

What is more concerning is that factors such as weak spot demand, outflows from ETFs, and cautious institutional allocations are in stark contrast to the peak of the bull market in 2021. Speculative leverage continues to decline, and the repricing of risks in the options market all confirm that market sentiment is becoming conservative.

Historical experience tells me that such a mild bear market is often a process of accumulating energy. The key is to closely monitor whether demand can reappear at important price levels. If it can stabilize and rebound, it may trigger a new rising cycle; if it continues to decline, it may evolve into a deeper adjustment.

Regardless of the outcome, maintaining rationality and controlling risks is always the key to navigating cycles. After all, in this ever-changing market, only values that can withstand the test of time can truly stand firm.