As of May 11, 2025, the current price of Bitcoin is approximately $103,300, in a high-level consolidation phase. The technical indicators show that the recent candlestick pattern has formed a dark cloud cover, suggesting a potential short-term pullback. The bullish momentum in MACD is weakening, and the expansion of Bollinger Bands indicates the need to be cautious of risks. Market sentiment is mixed, with support levels to watch at $101,000 and resistance levels in the $104,000 - $105,000 range; if broken, it may continue to rise. On-chain data shows that long-term holders are increasing their positions, miners are maintaining stable profits, and the recovery in hash rate value supports the long-term trend. On a macro level, improvements in the policy environment and easing trade tensions provide favorable conditions for the market, but attention should be paid to changes in Federal Reserve policies and regulatory dynamics. It is advised to operate cautiously in the short term, observe key breakout levels, and consider accumulating positions at lower prices for the long term.