98,000! Has Bitcoin crashed? Is the bull run really over?
$BTC $ETH $GUSD 1. Core conclusion: We are currently in a mid-cycle adjustment of the bull run, not at the end.
1. Reasons for the short-term decline: The drop below 98,000 is the result of the resonance of triple pressure from macro tightening, on-chain selling pressure, and ETF outflows, and it does not indicate a trend reversal—The cooling of expectations for interest rate cuts in the U.S. has triggered a sell-off of risk assets, with long-term holders (LTH) selling 815,000 Bitcoins in 30 days, and U.S. Bitcoin ETFs experiencing a n