Bitcoin has recently continued to challenge the $110,000 mark, with the current price fluctuating around $107,000. The technical indicators show that there is key resistance in the short term. Since May, BTC has broken through $105,000 and reached a three-month high, but $104,500 has become a battleground for bulls and bears. If it can effectively hold this position, it may trigger a new round of increases. Institutional holdings have surpassed 3 million coins, with companies like MicroStrategy continuously increasing their positions, boosting market confidence. Analysts point out that the current trend is similar to that of the fourth quarter of 2024; if it breaks through the $104,500 support level and maintains above $93,500, it is expected to repeat the historical highs. However, technical indicators show RSI is overbought, and some traders are worried about the short-term pullback risk, with the $102,000-$103,500 range potentially becoming a key support level. In the long term, the halving cycle, institutional entry, and clearer regulations support bullish expectations, but caution is needed for volatility caused by profit-taking.