Recently, the price movement of Bitcoin has shown an unusual pattern, with signs of market manipulation becoming increasingly evident. From a Technical Analysis perspective, the 4-hour level bottom divergence has not been fully repaired, and the price has once again shown a downward trend, which is concerning.

The reasons for the current market conditions may be multifaceted. On one hand, the selling behavior of early investors who held large amounts of Bitcoin (commonly known as "ancient whales") has triggered panic in the market. On the other hand, the favorable factors brought about by expectations of interest rate cuts do not seem to have been fully digested and reflected by the market.

Although the market performance in the short term is not satisfactory, there are still reasons to remain optimistic in the long run. Some analysts still insist that we are currently in the middle stage of a bull market. They predict that by September of this year, Bitcoin is expected to stabilize at the price level of $120,000.

However, investors should keep in mind that the cryptocurrency market has always been highly volatile, and any predictions carry uncertainty. When making investment decisions, it is essential to conduct thorough research and weigh one's own risk tolerance. The future market direction will depend on the combined effects of various factors, including but not limited to macroeconomic policies, changes in the regulatory environment, and technological developments.