The strength and weakness of the Bitcoin market often depends on the defense capability of key support levels.

Currently, the core support range is 100K–107K, where the STH Realized Price and SMA 200D converge. A break below this range may trigger short-term selling pressure.

Deeper support is at 92–93K, corresponding to the cost line of holders over 3–6 months, which will become the second line of defense against further declines.

Historically, as seen in the rebound at the beginning of 2023, SMA 200D has often served as a launch point.

If 100K holds, there is still potential for an upward move; however, if the trading volume remains insufficient, the adjustment period may be extended.

Every deep correction is an opportunity to gain insights into market structure. #比特币远古巨鲸持续出清

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