Fluctuations of $2,000? That's just market noise. The real signal is at the $98,500 level.

This is the cost basis for short-term holders and the critical support that BTC must face next. From the perspective of short-term holders' accumulated costs, $98,500 has become an invisible but real defensive line—what does this level mean? It indicates that a large number of retail investors and short-term traders have built positions around this area. Once broken below, it could trigger a chain reaction; if held, it means the position is stabilized.

So don't get confused by the daily fluctuations of two or three thousand dollars. The key is whether $98,500 can become a support level for BTC. That is the real signal worth paying attention to.