Yesterday, BTC broke through $117,000, largely influenced by the positive news of "Trump signing an executive order to include cryptocurrencies in 104K," but it only belongs to short-term sentiment stimulation and has not yet brought substantial capital.
The short-term investor activity index has been continuously declining since reaching a peak in July, with no obvious signs of a turning upward (forming higher peaks).
The panic sentiment lows during the recent price correction have also not been as severe as those in December 24 and February 25 of 2024, indicating that as this round of market action has progressed, investor sentiment overall leans towards neutrality, meaning there is neither extreme panic nor excessive optimism.
BTC has once again launched an attack on the key resistance level, and $117,000 is also the highest pillar in the current chip structure, representing the most intense battleground between bulls and bears. When the double-anchor structure of chip distribution receives support at $112,000, it is likely to complete chip redistribution between $112,000 and $117,000, gradually forming a new accumulation area, which is also the process of sentiment change.
If BTC can regain $117,000 afterwards, the next target will be a new high.