As the price of Bitcoin surges towards historical highs, market enthusiasm and risk indices soar in tandem. The latest sentiment monitoring data shows that the market sentiment indicator has reached a historical high of 78%, a signal akin to the sword of Damocles hanging overhead, suggesting that the market may face a critical turning point of a 'double top'. In the context of global financial competition, Sino-US negotiations have become the core variable influencing market direction. In the face of unpredictable external commentary, investors must maintain a clear awareness— as the price of Bitcoin continues to rise, the current risk-reward ratio of investments has significantly decreased, making the investment maxim 'greed in fear, caution in greed' increasingly important.

From a comprehensive analysis of technical and news aspects, although Bitcoin maintains an upward trend due to strong momentum, potential risks cannot be ignored. Technically, the continuous price increase has caused a significant deviation from the moving average system, with strong demand for a pullback correction in the short term; from a news perspective, policy changes, geopolitical events, and other factors could trigger market volatility. Therefore, scientific position management and strict risk control are effective means for investors to fend off risks. It is advisable to closely monitor price pullback signals and set reasonable stop-loss points to safeguard capital while seizing market opportunities.

After a day of turbulent adjustments, Bitcoin welcomed a new round of fluctuations in the early hours. The price attempted to break through the $105,000 mark but was unsuccessful due to overhead selling pressure, followed by a period of oscillation and retracement, dipping to a low of $103,500 in the morning, currently oscillating around that price level.

From an overall structural perspective, the Bitcoin market is in a critical phase of range compression. Affected by further reduced expectations of interest rate cuts, a pullback was observed in the morning session. The 4-hour candlestick chart shows a clear downward movement of the upper Bollinger Band, with strong resistance above; the middle and lower bands are gradually rising, with both bulls and bears fiercely contesting around the price center. The price has been operating long-term between the middle and upper Bollinger Bands, with bulls having a slight advantage in the short term, but the overall market remains in a state of stalemate. In the 1-hour candlestick chart, the oscillating market is more pronounced, with strong resilience shown in both support and resistance levels, with bulls and bears alternating in market dominance. Before the range converges, Bitcoin's price is expected to continue oscillating within the existing channel until a balance is broken.