#CardanoETF讨论 #地缘政治对比特币的影响 #加密货币普及 #美国加征关税 Technical indicators bearish CryptoQuant's latest analysis shows that Bitcoin's Inter-Exchange Flow Pulse has turned bearish. This indicator shows that Bitcoin flows out of derivatives exchanges and enters spot exchanges, which usually indicates a decline in market risk appetite and may mark the beginning of a bear market phase [^0^].

2. Decline in market sentiment and trading volume According to Santiment data, Bitcoin's active addresses and trading volume have decreased by more than 30% in the past few weeks, showing a decline in market activity. This trend may indicate a weakening of investor interest in the market, which in turn has a negative impact on Bitcoin prices [^1^].

3. Test of key support levels Bitcoin's current key support level is around $91,000. If Bitcoin fails to hold this support level, it could trigger further price declines.

4. Macroeconomic and policy uncertainty Although the market has expectations for the Trump administration's possible cryptocurrency-friendly policies, there is still a lack of clear policy guidance. In addition, the Federal Reserve's monetary policy and inflation data may continue to put pressure on Bitcoin prices[^3^].

5. Market volatility and profit-taking In early 2025, the price of Bitcoin reached an all-time high of $109,000, but then fell back. This pullback after a rapid rise may trigger profit-taking, further exacerbating price volatility[^4^].

Although the market remains optimistic about the long-term trend of Bitcoin, in the short term, factors such as the technical indicator turnaround, declining market sentiment, and macroeconomic uncertainty facing Bitcoin may push the price into a period of adjustment. Investors should pay close attention to the key support level of $91,000, as well as changes in policies and macroeconomic data, to cope with possible downside risks to prices.