Bitcoin is currently priced at $95,036, with a 24-hour increase of 2.94%. The market is at a delicate juncture right now.

From a technical perspective, the situation is indeed somewhat complex. On one side, whales continue to buy in, and the long-term buying power remains relatively stable; on the other side, several warning signals are beginning to appear—retail trading activity has surged, trading volume has significantly shrunk, and exchanges are experiencing net inflows (+165.5 BTC). This combination is typically characteristic of a top distribution phase.

Regarding liquidations, the situation remains relatively stable. Although there has been some confrontation between bulls and bears within 24 hours, it remains balanced overall, with no large-scale one-sided trend emerging.

The key issue here is: retail investor sentiment is overheated, coupled with declining momentum, and the increasing net inflow into exchanges suggests potential selling pressure. All these signs point to a signal—the urgency to reduce positions. The risk of chasing the high is now very evident.

From a capital perspective, there is a faint sense of cooling among the bulls. Although the funding rate is still positive, it has dropped by 14.77% compared to yesterday, and open interest is also declining. This divergence indicates that while the market is still rising, the underlying momentum is clearly insufficient.

The recent critical support mainly relies on the buying power accumulated over the past 90 days. However, if the price cannot break through, once selling pressure is released, this support will eventually be reassessed. Caution is advised in the short term.