#比特币市场行情分析# Reflecting on the market journey over the years, I can't help but feel a surge of emotions. The recent trend of Bitcoin reminds me of the adjustment period after the bull run in 2017. At that time, it also entered a consolidation phase after reaching a historical high, with market sentiment fluctuating. It seems we are once again in a similar stage.

Glassnode's analysis makes sense, the current Bitcoin price is indeed in a "moderate but not overheated" range. The cost basis of short-term holders has always been an important indicator for judging trends, and the price is still above this basis, indicating that the overall pattern remains positive.

However, investors should also be cautious, as the outflow of ETF funds may lead to short-term volatility. Looking back to early 2018, there was also a similar outflow of funds that triggered a significant drop. But as long as there is no structural capital flight, there is no need to worry too much.

For the upcoming trend, I think the key is whether the previous high of $110,000 can hold. If it can maintain this level, there is still room for an upward movement in the future. Otherwise, it might pull back to around the $106,000 cost line for short-term holders. Regardless, staying rational and managing risk is the long-term winning strategy. History always repeats itself, but every cycle contains new opportunities.