Brief Update: In the short term, Bitcoin continues to oscillate around the $105,000 range, with overall market performance relatively mild. However, on-chain data reveals a concerning trend—capital concentration is rapidly increasing.

Data shows that over the past ten days, the capital concentration for Bitcoin has risen from a low of 5.3% to 10.6%, showing a clear acceleration. If this trend continues, it is expected to break the sensitive threshold of 15% in the next one to two weeks, potentially triggering a structural adjustment in the market.

From past cases, Bitcoin often experiences significant price fluctuations when capital concentration is too high. For example, in early May this year, when prices were consolidating around $94,000, capital concentration reached 15.5%, leading the market to choose an upward trend to facilitate capital redistribution. On February 21, when Bitcoin's concentration rose to 16.9% during its $96,000 plateau, it experienced a severe downward adjustment.

These historical performances indicate that when capital is too concentrated, the market usually undergoes strong fluctuations to reshuffle. Now, similar signals are emerging again; although there is currently no clear direction, once capital concentration breaks through key levels, the market may soon break its silence. It is expected that in the next 1-2 weeks, a direction will be chosen, during which Bitcoin still has the opportunity for a rebound, potentially reaching the $107,500-$108,600 range, at which point a downward trend may be selected.

Yesterday's strategy and levels remain unchanged; please refer to yesterday's strategy and levels.