#比特币市场分析# Looking back, the Bitcoin market has indeed gone through a lot of ups and downs. The recent market report reminds me of the big dump in 2018. At that time, various indicators also showed a lack of market confidence and increased selling pressure. However, the current situation seems to be more complicated.

The spot market RSI is oversold, the number of open futures contracts is decreasing, and risk aversion sentiment in the options market is rising. These signs are reminding us that the market structure is shifting from optimism to fragility. Especially the cautious attitude of institutional investors makes me recall the scene when institutions withdrew in 2018.

However, every crisis also nurtures opportunities. The big dump of that year laid the foundation for the bull market of 2020. The key now is whether liquidity can return to stabilize the market. If it can, perhaps we will welcome a new round of increases. But if the dumping continues, we may have to experience another round of deep adjustments.

Regardless, it is important to stay calm and rational. Market cycles are always repeating, but the details are never the same each time. As a veteran who has experienced multiple bull and bear markets, I advise everyone to closely monitor on-chain data and institutional movements, and be prepared for possible severe fluctuations. History will eventually repeat itself, but there will always be new variables.