#加密市场整体趋势# Looking back, the rise and fall of the crypto market is like a dramatic play with ups and downs. Now, Bitcoin is once again at a crossroads. The latest report from Glassnode shows that we are in a pullback phase after reaching a historic high. This reminds me of the pullback after the crazy rise at the end of 2017.

Currently, the price of Bitcoin is hovering above the cost basis of short-term holders, within a "moderate but not overheated" range. This structure aligns with typical bull market characteristics, reminding me of similar patterns from previous bull markets. The cost basis of short-term holders has always been a key indicator in distinguishing short-term bullish and bearish trends, as history tends to repeat itself in different ways.

Although there has been a significant outflow of funds from Bitcoin ETFs recently, there are currently no signs of structural capital flight. This reminds me of several pullbacks during the mid-cycle bull markets in 2013 and 2017, where similar capital flow phenomena also occurred, but did not change the overall rising trend.

The current key support level is around $110,000, which happens to be the peak of the previous bull market. History tells us that a pullback after breaking the previous high often serves as a good support for a new round of pump. However, the market is always filled with uncertainties, and we need to closely monitor subsequent developments. After all, in this ever-changing encryption world, past experiences are both guidance and potential constraints. Staying open and vigilant may be the only way to navigate through the bulls and bears.