Market pulse — $BTC

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 holds the psychological 100 K zone, just 6 % off January’s high yet 14 % above April’s low. Three-month view hinges on two levers: macro liquidity and ETF demand. If weekly spot-ETF inflows stay positive and June CPI cools below 3 %, the path of least resistance points toward 115 K–120 K by August. Hash-rate growth is flattening post-halving, easing miner sell pressure, but watch production costs: a slide under 90 K could force miners to dump reserves. Options markets price 30-day implied vol near 48 %; spikes beyond 65 % often precede swift 10 K swings. Strategy: ladder buys 98 K-94 K, trim size near 118 K, hedge with short-dated puts if funding turns highly positive. Momentum is bullish but fragile; treat rallies like sprints, not marathons.