This is not a simple rise; it is a true test of 'faith' and 'greed'.
The latest data shows that $BTC is testing the $97,500 area, just a step away from $100,000. According to on-chain analytics firm Glassnode, the paper profits of long-term holders are approaching 350% — a critical point historically prone to triggering large-scale sell-offs.
Key point interpretation:
$99,900 is the repeatedly validated 'watershed': once broken, it requires strong buying power to support it;
Long positions are concentrated below $91,000, while short positions are sparsely distributed; a sharp fluctuation may occur in the short term.
BTC's current price is above the 111-day moving average, but it can only maintain a structural bull market pattern if it continues to hold steady.
Crisis and opportunity coexist:
The positive side for Bitcoin is that holders have strong confidence and capital continues to flow in;
However, the downside is that 'old players' have too much profit space, and any slight disturbance could trigger a panic sell-off.
This is not a moment of panic, but a test to filter out true long-term holders. If you can't even accept one correction during a bull market, you may not be qualified to enjoy the benefits of the next surge.
Do not be blinded by the brilliance of the $100,000 round number; the real storm may come before it arrives. Strategy, risk control, and execution are the underlying logic for navigating the cycle.#加密市场反弹 #ETH #PEPE #sol #sui $BTC $ETH
