As of May 12, 2025, Bitcoin (BTC) has shown the following characteristics:

- Price Trend: Bitcoin prices remained high over the weekend, establishing a support level at $102,500, and reached a local high of over $105,000. As of that day, Bitcoin consolidated within the range of $103,000 to $105,000 with low volatility.

- Technical Indicators: The Wave Trend Oscillator continues to issue sell signals in the overbought zone, and the momentum indicator is starting to weaken, indicating a lack of support for sustained upward movement from a technical perspective. However, liquidation data shows that buying positions are concentrated above $101,500, while selling positions are accumulating at $105,000, suggesting that these two price levels may be key points for a price breakout. A breakthrough could trigger strong liquidity clearing.

- Market Sentiment: The overall sentiment in the cryptocurrency market has turned bullish, with the market sentiment indicator rising to 73, indicating that retail investors have become greedy.

In summary, Bitcoin is currently in a high-level consolidation phase, with certain divergences between technical indicators and market sentiment. Although technicals show a lack of upward momentum, the overall optimistic sentiment in the market and continued inflows of institutional funds may still provide support for Bitcoin prices. Investors should closely monitor the support level at $103,000 and the resistance level at $105,000. A breakthrough above the resistance level could initiate a new upward trend; if it falls below the support level, a correction may occur.