Bitcoin's current price hovers around 92,532 USDT. Interestingly, despite the Fear & Greed Index being at 42 (in the fear zone), technical signals are actually quite positive. On the daily chart, BTC has stabilized above the 200-day moving average (at the 90,000 USDT level), the head and shoulders bottom pattern has been confirmed, and the subsequent target is directly aimed at the 150,000–180,000 USDT range.

From a fundamental perspective, institutional actions speak volumes—funds continue to flow in, and demand for ETFs shows no signs of slowing down. Expectations of easing by the Federal Reserve, a relatively weak US dollar, and rising risk aversion in global assets all combine to reinforce Bitcoin's appeal as "digital gold."

On-chain data is also very robust. Large holders' holdings remain stable, active addresses have surpassed one million, and hash rate stays high, indicating no security concerns for the network. Although short-term trading volume is relatively low, technical indicators show RSI at 55 (not yet in overbought territory), and the MACD has already formed a golden cross, with volume and price moving in sync.

In the short term, macro risks still exist, but the overall medium- to long-term bullish logic remains solid. Looking ahead to 2026, the possibility of a new super cycle is indeed worth anticipating.