The current price of Bitcoin is hovering around $104,000, but the market outlook presents a complex situation. Professional analysis firm CryptoQuant has issued a warning signal, pointing out that the buying enthusiasm for Bitcoin is cooling off. If this trend continues, the price could pull back to the range of $81,000 to $92,000. However, another authoritative institution, Glassnode, holds a different view, believing this is merely a natural process of market maturation and pointing out that large funds are still actively accumulating in the background.

The most striking phenomenon in the current market is the power struggle between large holders and retail investors. Data shows that in the past 10 days, the number of large holders with more than 10 Bitcoins increased by 231, while the number of retail wallets decreased by more than 37,000. Market observers note that historical data indicates that whenever there is such a divergence in the behavior of large and small funds, a significant rise often follows. At the same time, the trading activity in the derivatives market has reached 16 times that of the spot market, indicating that investors have strong speculative expectations regarding short-term price movements.

The buying momentum at the institutional level continues, as Semler Company has publicly announced an ambitious plan to expand its Bitcoin holdings from the current more than 4,000 to 105,000 over the next five years. In addition to Bitcoin, the Solana ecosystem has also attracted significant attention, with some Wall Street analysts even predicting its potential to surpass Ethereum's market position.

Technical analysis shows that Bitcoin is currently facing two key price levels: a resistance level at $105,000 and a support level at $92,000. If it can break through $105,000, it may trigger further upward momentum; whereas falling below $92,000 may lead to a deeper correction. The market sentiment is intense, with many investors predicting whether Bitcoin will break through $120,000 or drop below $90,000 by the end of the month.

The future market trends will be influenced by three key factors: the approval decisions of US regulators on Ethereum ETFs, potential interest rate adjustments in China's monetary policy, and Visa's progress in promoting stablecoin payments in the European market. These factors could significantly impact the price of Bit, leading to notable volatility.

In this uncertain market environment, investors need to remain vigilant, develop reasonable risk management strategies, and closely monitor market developments.