Recently observing Bitcoin's trend, it's quite interesting. Since the correction at the end of the year until now, the market has been showing some different signals—shifting from previously defensive deleveraging to selectively taking on risk. In simple terms, the market is starting to dare to enter during the process of finding a bottom.

Regarding the price, it rebounded from around $87,000 to $94,400, which looks like a decent rally. But the issue is that in the range between $92,100 and $117,400, sell orders are still quite dense. The real test is whether it can hold above $99,100—this is the short-term holder's cost basis, and breaking through it would confirm that the trend has truly shifted.

What do on-chain data say? The selling pressure from long-term holders is clearly easing, indicating that big players are less eager to cut losses. Short-term holders are currently still at an average loss of about 5%, so market sentiment needs to recover gradually. But there's a positive signal—ETF fund flows have shifted from continuous outflows to net inflows, showing institutional demand has indeed returned.

Futures are also interesting. After the recent deleveraging shakeout, open interest is starting to rebuild, indicating risk appetite is improving locally. The wave of liquidation at the end of the year cleared over 45% of options positions, making the market structure clearer. Overall, we are at a critical turning point now; whether it can hold above $99,100 will directly determine the next direction.