#链上数据洞察 1. Price Fluctuations and Support Levels

Bitcoin has recently been fluctuating in a narrow range of $93,000 to $98,000, with intense short-term competition between bulls and bears. Technical analysis indicates that if it breaks through the resistance level of $98,500, it may further challenge $100,000; if it falls below the support level of $95,000, caution is warranted for a pullback to the risk of $92,000.

Institutions generally believe that the low of $91,000 on February 3 has already marked a mid-term bottom, and it will be difficult to recreate that in the future.

2. Long-term Bullish Logic

· Supply and Demand Relationship: The Bitcoin halving effect (in 2024) will reduce the supply of new coins, combined with the continuous inflow of funds into spot ETFs (such as U.S. ETFs holding over $110 billion), the supply-demand imbalance may drive prices up.

· Favorable Policies: The Bitcoin reserve bill in Utah, USA has passed its first review; if fully approved, official funds will be injected into the market for the long term; expectations of pro-crypto policies from the Trump administration also boost market confidence.

· Accelerated Institutionalization: Traditional financial institutions are entering the market (such as Tesla and other companies allocating Bitcoin), enhancing market stability, and Bitcoin may gradually become known as 'digital gold.'