#比特币市场动态 Reflecting on history always brings new insights. The dynamics of the Bitcoin market today remind me of the bull run at the end of 2017. At that time, BTC briefly broke through the $20,000 barrier, and then began a bear market that lasted more than a year. Now, we find ourselves at a similar crossroads.

Analysis from Greeks.live shows that market sentiment is leaning bearish in the short term, with BTC expected to test levels of $116,000 to $118,000. This aligns with data from Glassnode, which points out a key support level around $117,000, where approximately 190,000 BTC were bought at this price.

In this case, it is not difficult to understand why there is a divergence between short-term bearish traders and long-term bullish holders. History tells us that the market always oscillates between pessimism and optimism. The current reduction in BTC volatility and the process of institutionalization may indicate that the market is maturing, or it could be a signal of weakness.

Based on past experience, this key support level often becomes a battlefield for intense competition between bulls and bears. If the price indeed pulls back to around $117,000, those recent buyers are likely to strive to defend this level, which could bring new buying demand and even reverse the market trend.

But we cannot ignore the potential downside risks. If this support level is strongly breached, it could trigger a larger wave of sell-offs. Therefore, both investors and traders need to closely monitor the changes at this price level and manage risks appropriately.

History always repeats itself in new ways. Although the specific numbers and backgrounds may differ, the fundamental laws of the market are often similar. We should learn from these periodic fluctuations rather than be influenced by short-term emotions. After all, true wealth is often nurtured during these turbulent times.