$BTC 1. Current Price Trend and Key Ranges

Current Price and Fluctuation Range: The current price of BTC is fluctuating in the range of $96,500 to $97,000, currently reported at approximately $96,744, with a 24-hour increase of about 0.44%. It reached a high of $97,658 before slightly retreating.

Technical Support and Resistance:

Support Levels: $96,500 (recent key support), $96,000 (strong support conversion level), $95,500 (technical support).

Resistance Levels: $97,000 (psychological level), $97,500 (short-term resistance), $98,500 (key resistance), breaking through may challenge the historical high of $100,000.

2. Market Driving Factors

Favorable Policies: The advancement of the North Carolina Bitcoin Reserve Bill (S327) continues to support market confidence, allowing the state treasury to allocate up to 10% of public funds to Bitcoin.

Institutional Fund Dynamics:

The inflow of Bitcoin ETF funds has generally slowed, but BlackRock's ETF still maintains a net inflow of over $350 million in a single day.

CME Bitcoin futures open interest surged to $9.8 billion (a daily increase of 22%), indicating increased institutional participation.

On-chain Data Signals:

Short-term holder (STH) activity has increased, similar to the accumulation structure before the 2024 ETF launch, indicating a potential bullish cycle.

The number of wallets holding more than 0.1 BTC increased by 3.2%, and the accumulation behavior of small investors enhances market bottom support.

3. Technical Indicators and Trend Signals

Bull-Bear Game Indicators:

RSI is around 65, close to but not entering the overbought area, still has upward space in the short term.

MACD maintains weak upward momentum, but the difference between DIF and DEA is narrowing, caution is needed for a potential pullback risk.

Trading Volume and Market Sentiment: The 24-hour trading volume is approximately $32.4 billion (an increase of 18%), with short positions liquidated amounting to $45.6 million, indicating a warming bullish sentiment.