Recently, the Bitcoin market has attracted significant attention from investors, with the key support level of $98,500 becoming the focal point of the market. This price level not only represents the average cost of holders over 155 days, but also serves as a psychological barrier for short-term investors.

Since April, this price level has successfully prevented significant declines in Bitcoin prices multiple times, demonstrating its importance as a key support. However, the market is currently facing severe challenges, with short-term holders' unrealized return at only 3%, nearing the breakeven point.

Market analysts point out that if the price of Bitcoin falls below $98,500, it could trigger a series of chain reactions. Short-term investors may panic, leading to large-scale sell-offs, which in turn would intensify downward pressure. More concerning is that if the STH-MVRV indicator falls below zero, it means that most short-term investors will be at a loss, potentially causing a sharp deterioration in market sentiment.

In this case, the behavior of long-term holders will become a key factor in determining the market direction. Whether they are willing to increase their holdings at this time may have a significant impact on the short-term trend of Bitcoin.

Currently, the Bitcoin market is at a critical moment. Investors need to closely monitor the changes at the key price level of $98,500, as well as the sentiment fluctuations of short-term holders. The direction of the market may experience significant changes in the short term, and investors should remain vigilant and adjust their investment strategies accordingly.

Despite the uncertainty in the market, this may also present potential investment opportunities. If the support level can be successfully maintained, it may create conditions for a rebound in Bitcoin prices. However, investors also need to be aware that if the support level fails, the market may face a larger adjustment.

Overall, the Bitcoin market is at a critical crossroads. Both investors and market observers need to stay vigilant and closely monitor market trends to make informed decisions.