#市场分析与趋势 After analyzing recent market data, I noticed that Bitcoin is frequently testing the 50-day moving average, which may indicate that its rise momentum is weakening. Currently, the price of Bitcoin is above the short-term holder cost basis, showing that the market is still in a moderate but not overheated range. However, the frequent touching of the mid-term trend signal line indicates that the accumulated fatigue has begun to show.

Although there has been an outflow of ETF funds, there is currently not enough evidence to indicate a structural trend of capital flight. From on-chain data, the market is in a relatively balanced state, and several short-term holder indicators are still consistent with a typical bull market trend.

Next, I will closely monitor the support level of $110,000 and the resistance level of $116,000. If these key levels are breached, it may provide clearer short-term trend signals. Investors are advised to remain vigilant and keep a close eye on large capital flows and on-chain contract activities in order to capture market changes in a timely manner.