The Bitcoin market has recently experienced significant volatility, with the price hovering around $113,000. This level is seen as a key point for short-term trends. From a technical analysis perspective, this price point is not only the intersection of multiple moving averages but also an important support level derived from previous resistance levels. The decline of approximately 9% from the historical peak of $124,176 carries significant meaning in the history of Bitcoin trading.

The current market is showing a fierce battle between bulls and bears. Retail investors are exhibiting obvious fear and hesitation, with short-term holders having sold over 20,000 Bitcoins since Sunday. Notably, on Tuesday alone, 23,520 Bitcoins were transferred to exchanges for sale, reflecting the panic mindset of small investors in the face of falling prices.

In stark contrast, large holders (commonly known as 'whales') are actively entering the market. Data shows that entities holding between 10 and 10,000 Bitcoins have purchased over 20,000 coins since August 13, worth approximately $2.3 billion. More notably, since March of this year, these large holders have cumulatively increased their holdings by 225,320 Bitcoins. This counter-trend buying behavior indicates that large capital remains optimistic about Bitcoin's long-term prospects, viewing this decline as a good opportunity to accumulate.

The trends in the options market are also attracting attention. The put skew has risen to 12%, reaching a new high in over four months, indicating that institutional investors are actively purchasing put options as a risk hedge. However, historical experience shows that when panic reaches its peak, it often signals an impending market reversal. A similar situation occurred in April of this year, when the price of Bitcoin fell below $74,500, followed by a wave of upward movement.

Currently, market participants are closely watching the trend of the key price level of $113,000. Whether retail investors, large holders, or institutional investors, they are all operating based on their own judgments and strategies. This diversification of market participation makes the future direction of Bitcoin's price full of uncertainty and opportunities.