$BTC

Bitcoin Pullback Analysis After Rising to $105,000: On May 12, Bitcoin briefly broke through $105,000, reaching a new high for the year, mainly driven by easing inflation expectations due to the China-U.S. tariff agreement. However, it quickly fell back to $104,000, primarily due to

① Over $180 million in leveraged long liquidations triggering programmatic sell-offs

② The U.S. maintaining a 35% tax on Chinese mining machinery, increasing pressure on miners to cash out

③ Institutional funds taking profits above $100,000. The technical outlook shows that $85,000 is a key support level; if the China-U.S. tariff negotiations in August do not achieve breakthroughs, a wide range of fluctuations may continue.