#参与创作者认证计划月领$10,000 In the past few weeks, the price of Bitcoin has fallen and consolidated below $110,000, putting significant pressure on short-term holders with large amounts of Bitcoin. As the price failed to maintain above the average cost price of $110,000, this group of investors intensified their selling efforts, leading to substantial losses. According to reports from CoinWorld, CryptoQuant analysts pointed out in a report on Sunday that this is one of the most intense sell-offs since 2025. "Such a massive and continuous loss indicates forced selling or panic exits, usually caused by the closing of leveraged positions or loss aversion among late entrants." Regarding the future prospects of Bitcoin, market views are increasingly divergent. Some analysts believe that the selling pressure is easing, and Bitcoin has issued early signals of a bull run reversal. Others argue that the rapid decline of Bitcoin in November was driven by profit taking, macroeconomic uncertainty, and institutional rebalancing, rather than a fundamental collapse. Despite bearish technical indicators and ETF fund outflows being concerning, the structural bull market is still supported by ETF inflows, infrastructure investment, and clearer regulatory policies. As the market navigates this turning point, the interaction of macroeconomic data, institutional fund flows, and regulatory policy outcomes in the coming months will determine whether this is a cyclical pullback or a structural shift. However, the blockchain data analysis platform Glassnode believes that the upside prospects for Bitcoin are "limited." "Bitcoin seems to be in a critical turning range. Market conditions remain cautious but positive, momentum is improving, fund flows are stabilizing, and there are signs that a local bottom may form around $100,000. The range between $100,000 and $108,000 may constitute a medium-term support level, but the overall downward trend in profitability continues to suppress market sentiment and weaken bullish confidence."