Bitcoin (BTC) is once again approaching the 110,000 USD mark, and market sentiment is high. The recent rise is mainly driven by several factors: First, global inflationary pressures continue, and investors view Bitcoin as an inflation hedge; second, several large U.S. asset management institutions are positioning themselves in Bitcoin ETFs, increasing mainstream recognition; third, the effects of block reward halving are gradually becoming apparent, with supply contraction leading to expectations of appreciation.

However, caution is still needed for the risk of short-term pullbacks. Technical indicators suggest that the upward momentum may be overheating, and geopolitical and regulatory uncertainties remain. Without significant positive stimuli, the 110,000 USD level may become a psychological pressure point.

Overall, the long-term bullish trend for Bitcoin remains unchanged, but investors should stay rational and respond cautiously to short-term fluctuations.