The recent pullback of Bitcoin, according to foreign analysts based on data monitoring

is caused by long-term holders of Bitcoin selling at high prices

Currently, the data shows that there are still 160,000 Bitcoins ready for sale

This data has one important point: this sell-off only accounts for 4% of the total holdings of these long-term holders. If all 160,000 Bitcoins were to be sold, it would account for about 35% of their total holdings

The price of Bitcoin dropped from 100,000 to 90,000, which looks significant, but it has only dropped by less than 9%. This round of Bitcoin bull market has not seen a 30% deep correction, so the market is still relatively optimistic

From a short-term perspective, the bears believe that the current decline is not over yet. Ideally, a decline of about 15-20% would be better, which would be around 85k-80k

These levels are still quite far away; currently, miners' prices are at 85k, which is quite important. If Bitcoin drops below 85k, more black swans may emerge, causing Bitcoin to drop even further. In the current situation, do not be overly optimistic

There are now two loud voices in the market. One is that Bitcoin will bottom out at 89k or 88k, starting a new round of rising, and reaching above 100k by the end of the year

The other is that the pullback cycle of Bitcoin has arrived, and in the short term, it will drop below 88k and, with the help of some black swans, rapidly fall back below 76k

I tend to lean towards the latter, but I would advise everyone here: make bold assumptions but verify cautiously. If you have no direction in mind, do not make any decisions at high levels.