#比特币行情观察 The current market is in a tug-of-war between macro sentiment suppression and on-chain fundamentals support. Operations should depend on your own risk tolerance and investment cycle.

For short-term traders, market sentiment is fragile, and technical indicators are bearish. It is recommended to adopt a cautious defensive strategy.
Key levels: Consider $88,000-$89,000 as an important short-term support zone for Bitcoin. If the price drops with high volume below this area, it may open up further downside space.
Upward resistance: $94,000-$95,000 is a strong resistance zone, requiring significant positive catalysts (such as unexpectedly high ETF inflows or dovish macro news) to break through.
For medium- to long-term investors, the market is in a consolidation phase that trades time for space, suitable for disciplined phased positioning.
Core logic: The continuous decline in exchange reserves, the long-term presence of ETF mechanisms, and the end of the Federal Reserve's rate hike cycle are structural factors supporting Bitcoin's long-term value.
Risk reminder: Be alert that if macroeconomic deterioration leads to broader risk asset sell-offs, cryptocurrencies will find it difficult to remain unaffected. Reasonably control the overall asset allocation ratio and avoid excessive concentration.