#市场情绪和分析# From on-chain data, Bitcoin is under short-term pressure but the long-term logic remains unchanged. Recent US Non-farm Payrolls (NFP) data fell short of expectations, and internal divisions within the Fed have intensified, leading to a risk-averse sentiment in the market. BTC has fallen from a high of $119,800 to $112,000. The 30-day momentum has dropped to +3%, and ADX has declined to 36, indicating a weakening of bullish momentum. However, institutions are still accumulating, with over 30,000 BTC added in the past week. The options market's Max Pain remains stable at $118,000, with high strike bullish positions dominating, reflecting unchanged market confidence. Follow the support level of $110,000-$113,000; if it holds and momentum rebounds, there is a potential to retest the range of $119,000-$122,000. In the coming weeks, macro risks and institutional buying will dominate the trend, requiring close monitoring of capital flows and changes in on-chain indicators.