#比特币价格走势 Looking at CryptoQuant's risk mitigation model data, the current situation is indeed a bit delicate. Six indicators all point to the "high risk" zone, which historically usually means a pullback is on the way. Coupled with the profit and loss score dropping to -3, and highly concentrated loss UTXOs, these are not friendly signals.

Bitcoin is hovering around 90,000, with a retracement exceeding the typical cycle of -20% to -25%, but not yet reaching the panic sell-off range of -50% to -70%. In other words, we are in a very awkward "middle ground" — there is still room, but it is indeed fragile.

From a follow-trade perspective, it depends on how the top traders you follow respond. Aggressive traders will look for opportunities to buy the dip here, while conservative ones have already reduced their positions or exited. My advice is not to chase the high hastily; instead, pay attention to how those who know how to cut losses are currently operating — their position management logic is often more worth learning than the results themselves. Until macro conditions improve, the downside risk still exists, and managing risk is more important than betting on a rebound.