#比特币价格分析 Looking back at Bitcoin's price movements always reminds me of those turbulent years. The recent significant accumulation of positions in the $84,000 to $85,000 range inevitably brings to mind the situation during the 2017 bull market. At that time, there was also a similar pattern of accumulation, which was followed by a strong rally.

However, the current market environment is very different. The two major accumulation zones shown by the CBD heatmap, $94,000-$98,000 and $101,000-$118,000, are likely to become key resistance levels for future rebounds. In particular, the historical fair price of $98,000 often carries significant psychological meaning.

It is worth noting that the recent real turnover of about 400,000 Bitcoins is closely related to whale accumulation behavior. This reminds me of the accumulation phases in late 2013 and early 2019, when there were similar signs of large investors entering the market. Historical experience tells us that this is often a precursor to a market turning point.

But we should also be cautious—similar phenomena at different historical stages do not guarantee identical results. The current macro environment and regulatory climate are very different from previous years. We should remain prudent and closely watch the breakout of the $104,000 average cost position for short-term holders, as this may be an important indicator for judging the market's future direction.