The market trend roughly aligns with our technical expectations, with an error of only $123 — it doesn't seem like much, but this detail could make all the difference.

Looking back at history, whenever BTC faces a bull-bear transition, that widely recognized short-term holder average cost line becomes a hurdle. This line isn't drawn arbitrarily; it represents the collective psychological price level of market participants.

If we break above it? Then we have reason to regain optimism about the future market. If we can't break through? Honestly, at this point, the collective market sentiment starts to speak — a bear market might really be approaching. Behind this $123, there are two completely different futures separated.