Bitcoin reached a critical crossroads today at $106,000, a price level resembling a "wealth password lock". Long-term holders may be quietly inputting their cash-out passwords — their original "Alpha price model" indicates that this range has historically been a golden ratio point for whales to harvest profits.

Looking at the market, the open interest for BTC contracts in the last 24 hours reached a staggering $64.1 billion, with CME and Binance alone accounting for nearly 40% of the positions. It’s like setting up a tent on the edge of a cliff; even a slight breeze could trigger a chain reaction of liquidations. If it accidentally falls back to the $100,000 mark, the positions of the leveraged bulls at 5x could be liquidated in an instant, and this price level is like a magnet, easily pulling the price back for a second dip.

In the past three months, nearly 100 new addresses have hoarded over 1,000 Bitcoins, and these mysterious big players are quietly accumulating. Even more astonishing, this morning a certain whale just splurged $112 million USDC, sweeping 30,000 ETH and 600 BTC from Wintermute, creating a deep pit in the OTC market. It seems institutions and whales are playing a "cat and mouse game"; some want to flee, while others are frantically bottom-fishing.

Technical analysts are now closely monitoring two critical lines: if the upper resistance at $106,500 can hold, according to the Fibonacci model, $120,000 could be within reach; however, if it loses the psychological barrier of $100,000, the "last line of defense" at $87,500 will need to be tested. Don’t forget what Alphractal previously warned: if this position breaks, even $750,000 may not hold.

The current market feels like walking a tightrope, with one side being institutions on Coinbase accumulating 8,300 BTC in a single day, and the other side being retail investors whose Google search volume has plummeted to freezing point. This institution-led market can often be the most grueling, but getting through it might lead to vast opportunities. As the saying goes: "Bull markets grow in doubt". The current tug-of-war between bulls and bears might just be brewing the next round of an epic market.