The Bitcoin market has experienced severe fluctuations recently. After setting a historic high of $124,500, the price of Bitcoin quickly fell below $115,000 within just a week and is currently at a critical support level. This sharp reversal not only highlights the market's high volatility but has also sparked intense debate between bulls and bears about future trends.

Some market observers predict that Bitcoin may soon challenge its highs again, while other analysts believe that the market may enter a correction phase, with prices possibly falling further. This divergence reflects the complexity of the current market sentiment.

CryptoQuant analyst Maartunn provided an important insight: Bitcoin has recently experienced one of the most significant loss-driven fluctuations in weeks. Short-term holders (STH) are under immense pressure, with a large influx of Bitcoin into exchanges causing severe losses. This phenomenon is often interpreted as a surrender signal from speculators.

Historically, such a drastic sell-off will either trigger a deeper correction or lay the groundwork for a strong rebound. The key lies in whether the market can quickly absorb this selling pressure.

Currently, the price range of $115,000 to $113,000 has become a key support. Whether this level can be maintained may determine the short-term trend of Bitcoin. If buying power is strong, we may see the price regain $120,000. However, if the support level is broken, Bitcoin may face a deeper correction before challenging the historical high again.

The large-scale sell-off by short-term holders has undoubtedly placed significant pressure on the market. In just two days, over 50,000 Bitcoins were transferred to exchanges, a staggering number. This behavior is often seen as a signal of a shift in market sentiment, which may indicate that more volatility is on the horizon.

In such a highly uncertain environment, investors need to remain vigilant and closely monitor market trends. Whether bullish or bearish, risk management should be in place, as significant price fluctuations in either direction are possible amid such drastic market volatility.

With the launch of Bitcoin ETFs and the upcoming halving event, market attention will only increase. These factors may continue to affect the price trends of Bitcoin in the coming months, bringing more uncertainty and opportunities to the market.