📉 Bitcoin plummets from high! Is it the end of the bull run or a good opportunity to enter a position?

Brothers, today's market is a bit exciting! Bitcoin has plummeted directly from its historical high of $124,000 and is currently struggling around $113,500. In just a week, it has dropped a "small target"; have you managed to hold on during this correction?

💡 Why did it suddenly plummet?
Profit-taking occurs collectively: After a significant rise, someone has to cash out. The vicinity of $124,000 is clearly a short-term psychological barrier, leading many retail investors and institutions to choose to secure their profits.
Macroeconomic expectations have changed dramatically: the US PPI data exceeded expectations, shattering the market's illusions of a significant rate cut by the Federal Reserve in September, and funds are beginning to withdraw from risk assets.
Policy expectations materialize: The U.S. Treasury Department has made it clear that it will not engage in large-scale purchases of Bitcoin (only holding confiscated assets), leading to some speculative funds leaving in disappointment.
Geopolitical disturbance: The news that Russia and Ukraine may restart negotiations has increased short-term uncertainty, leading to a rise in safe-haven sentiment.

📊 Key data reveals the truth
Although the price has plummeted, on-chain data reveals positive signals:
Whales are bottom fishing: In the past week, addresses holding 1000+ BTC have increased their holdings by 18,000 coins against the trend.
Net outflow occurred at the exchange: on August 19, a single-day net outflow of 60 million USD indicates that the coin holders outnumber the sellers.
Binance's spot trading volume has surpassed $6 billion! This proves that large funds are still actively trading.

🎯 How will the market trend?
The short-term direction depends on Powell's speech at the Jackson Hole meeting on Friday:
If dovish signals are released (hinting at interest rate cuts) → a quick rebound may hit the resistance level of 117,500.
If you maintain a hawkish stance → be careful to test the support at 112,000 or even 109,000.

My personal opinion: This pullback is a healthy technical adjustment, and the bull run fundamentals are intact. But in the short term, don't use leverage to go all in; be prepared for fluctuations!

💬 Interaction Time
Do you think Bitcoin will plummet below 100,000 dollars this time or will it once again challenge 120,000?
Let's talk about your operations in the comment section.
Disclaimer: The above content is only a personal market analysis and does not constitute any investment advice. The cryptocurrency market is highly volatile, please invest rationally and pay attention to risk control. #杰克逊霍尔会议