Recently, Bitcoin ($BTC ) has experienced a significant drop in volume, and market sentiment has clearly turned bearish, with risks of its price breaking below the important psychological level of $100,000. From a technical perspective, the increase in trading volume accompanied by price decline indicates strong selling pressure, making it difficult for bulls to support the price. The macroeconomic environment is unfavorable, including tightening global liquidity, a strong dollar, and uncertainty in regulatory policies, all of which exacerbate the market's selling pressure. In addition, the market has begun to question Bitcoin's safe-haven attributes, with some funds flowing into traditional assets like gold. If sentiment continues to deteriorate, Bitcoin may further test lower support levels, and the market needs to be cautious of short-term volatility risks.