Since 2019, the performance of Bitcoin's bull run has been closely related to the activities of institutional investors in the U.S. stock market. This phenomenon is referred to in the trading world as "U.S. Stock Institutional Bull." Notably, during weekends when the U.S. stock market is closed, the price fluctuations of Bitcoin are usually more stable.

Currently, the market bulls are working hard to hold the key support level of $117,000. If this level is breached, it could lead to a further drop in the price of Bitcoin to around $112,000 for a second test.

In light of the current unclear market direction, many investors choose to wait and see for now. A prudent approach is to wait for the U.S. stock market to reopen and then make trading decisions based on market reactions. This cautious attitude helps to reduce unnecessary risks while providing investors with more market information and trading opportunities.

As the connection between the cryptocurrency market and traditional financial markets becomes increasingly close, investors need to closely monitor the interaction between the two markets. This includes not only price fluctuations but also various factors such as macroeconomic factors, changes in regulatory policies, and the behavior of institutional investors. By comprehensively analyzing these factors, investors can better grasp the pulse of the market and make more informed investment decisions.