CEX Alpha: The market is in the later stage of a correction phase, and the range of $93,000 to $95,000 may become a periodic bottom for Bitcoin.

On September 4th, CEX Alpha released a report indicating that Bitcoin briefly fell below $110,000, with a pullback from the historical high of $123,640 expanding to over 13%. Historical pullback patterns and seasonal trends suggest that the market is actually in the later stages of a correction, with the $93,000 to $95,000 range expected to become a cyclical bottom. On-chain data also supports this: the current realization price for short-term holders is $108,900, which is becoming a key support point; if the price remains below this level, it may further increase downward pressure. Order flow indicators from trading platforms also show that sentiment in the spot market is trending neutral, reinforcing the view that buyers are opting to wait for stronger catalysts to emerge. Altcoins are performing even more weakly, reflecting widespread risk aversion in the market. Ethereum (ETH) fell 14% after briefly hitting a new all-time high, while XRP, ADA, and DOGE all recorded double-digit declines. However, institutional demand remains resilient beneath the surface, with ETH treasuries and corporate buyers continuing to accumulate. Mid-cap tokens like CRO and PUMP performed well in the narrative-driven market, but this rotation comes more at the expense of funds exiting weaker coins rather than new funds flowing in.