Bitcoin has recently strongly broken through the $100,000 mark and stabilized at the $105,000 position, indicating strong buying power in the market.
From a technical perspective, the weekly level breakout has confirmed a new upward trend, with the key support level moving up to $103,000. As long as the price remains above this level, the medium- to long-term target can be aimed at the $120,000 to $130,000 range. However, since the Relative Strength Index (RSI) has entered the overbought zone, a short-term pullback may occur, but if no top divergence signal appears, the overall trend still leans towards bullish.
From on-chain data, Bitcoin's supply-demand structure remains healthy. Long-term holders have not sold off in large quantities, indicating that market positions are well locked, while the balance of Bitcoin on exchanges continues to decline, showing that market supply is decreasing.
In terms of the macro environment, the Federal Reserve's monetary policy remains a key influencing factor. If an interest rate cut occurs in June, increased market liquidity may further drive up Bitcoin.
Market sentiment is currently in the greed range, but has not yet reached an extreme FOMO state, which means the bull market may still be in a mid-stage, rather than at the end.
In terms of operational strategy, short-term traders can pay attention to the support level at $103,000; if the price stabilizes, consider gradually building positions, targeting $110,000, with a stop loss set below $99,000. Long-term investors can continue to hold their positions, ignoring short-term fluctuations, and wait for clearer trend signals.
