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Analyst insights interpretation, Bitcoin pullback, the game between institutional buying and macro risks.

The non-farm data mentioned by analysts, the Federal Reserve's decisions, and the customs tariff situation are all key factors that have led global markets to shift to a "risk-off" mode. This further confirms that the correlation between crypto assets like Bitcoin and the macroeconomic environment is strengthening.

In the past, Bitcoin was regarded as a "non-correlated asset" unrelated to traditional markets. However, with an increasing amount of institutional funds entering, Bitcoin has also begun to be driven by macroeconomic events. This has brought opportunities for funds to flow into traditional markets, but it has also made Bitcoin more susceptible to negative news from traditional markets. Although market sentiment dominated Bitcoin's decline in the short term, its long-term narrative as "digital gold" and an inflation hedge has not changed. In the context of ongoing macro uncertainty, this hedging property may attract funds over a longer time horizon.

Analysts emphasize that institutions have increased their holdings of over 30,000 BTC within a week, which is one of the most noteworthy signals during a market correction. Institutional investors typically do not engage in short-term emotional trading. The continued accumulation during a market correction indicates their strong belief in the long-term value of blockchain technology, the scarcity of Bitcoin, and its prospects as an asset class. With the approval and popularization of Bitcoin ETFs, the inflow of institutional capital has shifted from sporadic individual actions to a form of "structural demand." This sustained and planned buying forms a solid bottom for the bull market. The Max Pain in the options market stabilizes at $118,000, and the dominance of high strike call option positions indicates a collective expectation of future price increases. This aligns with the behavior of institutions continuing to buy, forming a strong bullish consensus.

The support range of $110,000–$113,000 given by analysts is crucial. $110,000 is not only a technical support level but also an important psychological barrier. If Bitcoin can stabilize within this range and regain upward momentum, it will greatly boost market confidence. Conversely, if it falls below $110,000, it could trigger more panic selling, leading to further price declines to $105,000–$107,000. In this case, short-term market sentiment will be completely dominated by panic and risk aversion.

The current market is at a critical crossroads. Macroeconomic headwinds are putting pressure on the short-term market, but the long-term structural demand represented by institutional buying is providing strong support for Bitcoin.