Bitcoin has risen for two consecutive days, but yesterday's performance was somewhat lackluster, oscillating below $97,000. This is not surprising—BTC is currently stuck at the long-term downtrend line, and breaking through it in one go is indeed challenging. The current strategy should be to first stabilize at this level, solidify the foundation, and then launch a new round of突破, which will be more favorable for BTC to challenge higher prices.

However, we also need to be mentally prepared; the risk of a pullback exists. According to the short-term trend line, the maximum downside could reach $93,000. This level is quite interesting—it coincides with short-term support. If BTC really drops here and stabilizes, it could actually reinforce the long-term upward trend, making subsequent moves more stable. This price level warrants close attention.

Looking at on-chain data in detail, when BTC just broke through the $97,000 threshold, retail buy-in on a major exchange increased significantly, but at the same time, there was a BTC outflow of up to $3 billion. This contrast clearly indicates a change in investor strategy—investors are quietly shifting tactics. Data shows that when BTC's price surged past $96,000, the net inflow on that exchange had already reached nearly -$3 billion. Even more astonishing, this net outflow, which started at -$1 billion, rapidly expanded to -$3 billion in just 15 days. Historically, when BTC continuously flows out of exchanges at this speed, it usually signals that large investors are accumulating heavily, which is a bullish sign for continued price increases.

Regarding yesterday's geopolitical situation, the Iran issue seems to have eased somewhat. After hearing related news, the US stock indices also rebounded. But the situation in the crypto space is a bit complicated—after all, BTC has risen for two days in a row, and technically, it is at an important resistance level, so the upward momentum has not continued. Although the current situation appears relatively calm, we still need to stay vigilant.