The recent price rebound of Bitcoin has provided investors with a brief respite, but the market may be entering a more cautious phase. On-chain data shows a significant slowdown in network activity, which corresponds with the recent price pullback of Bitcoin, suggesting that the market may be experiencing a "cooling period".

Currently, the Bitcoin trading price is approximately $111,000, up 2.52% from Monday's low of $108,550. However, this price is still down over 10% from the all-time high of $124,128 set on August 14. It is worth noting that this slowdown in Bitcoin prices coincides with a period of increased selling pressure from long-term holders.

According to the capital flow price model, as of last Friday, the expected price of Bitcoin was set at $107,000. If the capital continues to flow out, the price of Bitcoin may break below the important psychological level of $100,000. Historical data shows that September is usually not very friendly to Bitcoin, with an average return rate of -3.77% over the past 12 years, and the return rate in the third quarter has traditionally been negative.

Given the possibility of further market declines, it is not advisable for investors to open new long positions at the current price levels. Instead, adopting a "wait-and-see" attitude may be wiser. It only makes sense to consider long positions when the Bitcoin price can stabilize and remain above $118,000.

Overall, although Bitcoin still maintains a relatively high price level, market sentiment has shifted from previous euphoria to a more cautious and rational stance. Investors need to closely monitor on-chain activities, institutional fund flows, and other indicators, as well as the broader economic environment, to assess the future price trend of Bitcoin.