10x Research's latest analysis indicates that as the Christmas holiday approaches, market sentiment is becoming cautious, and the risk of sideways consolidation is increasing. On-chain data shows that retail trading volume has significantly decreased, with South Korea's cryptocurrency trading volume dropping from a peak of $25 billion to $6.7 billion, and Binance's spot trading volume also falling from $60 billion to $24 billion, indicating weakening market momentum.

In this context, analysts recommend that investors reduce leverage, consolidate positions, and focus on high-conviction core assets. Historical data shows that when Bitcoin's price reaches four times its total cost basis, large-scale profit-taking typically occurs. The current MVRV ratio is 2.7 times, positioned at a 'mid-cycle peak', suggesting that investors may consider taking profits.

The key support level for Bitcoin is at $95,000; if it breaks above $100,000, it could be a buying opportunity, but if it falls below $95,000, cautious risk management is required.