Bitcoin is currently in a critical window of technical repair and macro narrative resonance: in the short term, it needs to digest the selling pressure in the range of $94,500-$95,000, while in the medium term, it is supported by continuous inflow of institutional funds and supply-demand imbalance after the halving. Investors are advised to focus on two key signals:

On-chain whale behavior: a transfer of more than 50,000 BTC in a single day may indicate a directional choice;

ETF fund flow: if the net inflow in a single day exceeds $200 million, it will strengthen the breakthrough momentum.

In the context of increased market volatility, it is recommended to keep leverage below 3 times and use a combination structure of 'core position (BTC) + satellite position (gold/U.S. Treasury)' to guard against tail risk.