#比特币价格走势分析 Bitcoin has reached a moment to test confidence again! Looking at the latest on-chain data analysis, the BWT indicator shows an interesting divergence pattern – this often means that panic chips are gradually being cleared.

To be honest, every time market sentiment falls into extremes, it becomes the most interesting observation window. When long-held positions are forced to sell at a loss, it often reflects a true market capitulation. Historical data tells us that this kind of signal usually indicates that the conditions for a rebound are in place. Of course, the wave of explosive events in 2022 shattered the reversal expectations of the divergence pattern, reminding us to remain rational—rebounds are not always the start of a reversal.

But the current form appears very similar; as long as the divergence is not broken, there is still space for a rebound. This is precisely the most fascinating aspect of the Web3 world: the cyclical fluctuations of the market essentially reflect the ebb and flow of participant confidence, and new opportunities often emerge in the midst of extreme pessimism.

Instead of frequently chasing highs and cutting lows, it is better to understand the logic behind these on-chain signals—this way, you can make wiser decisions in the next market wave. The market is always testing our belief in long-term vision!