#加密市场回调 Recently, an on-chain data analysis agency released the latest market outlook, indicating that current on-chain metrics show the market is in a phase of adjustment and restructuring. The analysis indicates that Bitcoin has failed to maintain above the short-term investor cost level, a phenomenon that reflects weakening market momentum, while the ongoing dumping behavior of both short-term and long-term investors has intensified the downward pressure.

Data also shows that long-term holders exhibit a highly decentralized characteristic, combined with the high transfer volume of centralized exchanges, these signals suggest that market demand may be nearing saturation point. In this case, the market may require a longer period of sideways consolidation to rebuild investor confidence. Analysts believe that before the long-term holders enter the accumulation phase again, the upside potential of Bitcoin prices may be somewhat limited.

The current market is contending around a short-term holding cost of approximately $113,000, which has become a key battleground for the confrontation between bulls and bears. On the technical side, if Bitcoin cannot regain a foothold at this critical level, the price may further retreat to the actual price range of active investors, which is around $88,000.

It is worth noting that this analysis also accurately predicts the potential impact of the Federal Reserve's policy changes on Bitcoin, stating that "the current apparent calm in the market is conditional and temporary; once the Federal Reserve's decisions deviate from market expectations, this surface calm will be difficult to maintain."