Do not follow the crowd to cut losses in panic. These days, Bitcoin's price movements have indeed made many people nervous, but I might see things from a different perspective.

When the market is most afraid, it's often when smart money begins to position itself. This time is no exception.

**Bitcoin is currently oscillating around $108,000, with bulls and bears deadlocked.** Whether it continues to fall or rebounds depends on whether these key signals actually appear. I've been monitoring the market these days and have noticed some interesting things.

**On-chain data is speaking**

The short-term holder NUPL indicator has turned negative. What does this mean? It means that those holding coins for less than 155 days are now in unrealized loss. Historical experience tells us that when this surrender state occurs, the local bottom is usually not far away.

Another detail— the dormant flow indicator has now dropped to 133,300. When this indicator falls below 250,000, it marks a classic bottoming zone in history. In other words, the selling pressure has been largely released.

**Technical signals are also emerging**

Looking at the chart, a triple bottom pattern is gradually forming. The key support level at $108,000 has been repeatedly validated. Looking further at Fibonacci levels, the 0.618 support is at $115,429, which has also held multiple times before.

From a daily chart perspective, the double bottom pattern is quite clear. Once it breaks through the $118,000 resistance, reaching the previous high of $124,500 is not a dream. This logical chain is actually quite straightforward.

**Institutions and whales are secretly buying**

This is the most direct signal. On-chain tracking data shows that large investors are gradually accumulating at this price level, not quickly but with conviction. Institutional actions usually lead retail investors; their behavior itself reflects their judgment of the market's future.

**My genuine thoughts**

As someone who has experienced several bull and bear cycles, I must say: when the market is full of panic and news is uniformly bearish, it is actually the time to stay rational.

This is the current situation. Although the bottom zone still needs further confirmation, from the perspectives of NUPL surrender, dormant flow exhaustion, triple bottom technical pattern, and institutional positioning, the market is already giving clear signals.

The key is not to lose composure at this moment. Hold onto the good coins, buy in batches if you want, and ignore those constantly shouting "it will fall further." The market's biggest fear is when people's confidence collapses.

Bitcoin's journey to today has not been smooth sailing, but rising from panic time and time again. This time should be no different.