The Steady Rise of Bitcoin in a Structural Bull Market

In the waves of the financial market, the bull market has quietly returned. However, this time the performance of the bull market is starkly different from the explosive growth seen in early 2024-2025; the market enthusiasm shows subtle changes. Many retail investors, faced with a continuously rising market, tend to adopt a wait-and-see attitude. Even when considering spot investments, they weigh their options repeatedly and hesitate. As prices continue to rise, their inner concerns grow stronger, and the mentality of 'fearing to chase high prices' makes participation cautious. This round of the bull market has become a battleground between institutions and retail investors—institutions are continuously building positions with their substantial capital, while the trading actions of retail investors inadvertently provide support for the market's development.

For institutions, market profits follow the logic of zero-sum games. In this capital game, they are well aware of the principle: 'If you don't lose, he doesn't lose, how do I profit and continue to position myself?' Driven by this mindset, the operational strategies of institutions profoundly influence the market direction.

As the market continues to gain momentum, Bitcoin's price continuously refreshes recent highs. During today's trading session, the price steadily climbs, aiming to break the 108,000 mark. The historical high of 110,000 is now within reach; from a technical perspective, a breakthrough may happen in an instant, depending on whether institutions have enough determination and courage to make retail investors lose their confidence in the game amidst market fluctuations.

At the current market stage, investors, whether going long or short, have become exceptionally cautious. The market environment is complex and ever-changing, with opportunities coexisting with risks. However, for traders, if they can accurately grasp the timing of entry while maintaining a good trading mindset, they can seize their own profit opportunities even in such a structural bull market.

From a short-term technical analysis perspective, there is certain resistance in the range of 108,300 to 108,800, and short positions can be considered in this range with a target price around 105,000. The trend of Ethereum can also be analyzed and operated in reference to this strategy.