Bitcoin has continued to break new highs this week, which means there is no pressure above, only endless profit-taking. With enough profit-taking and heavy investment, the market's plunge will depend on sentiment.

$105,000 is the short-term bottom line; as long as it doesn't fall below here, any adjustments are healthy.

In terms of the broader environment, the Federal Reserve is unlikely to cut interest rates in June and July, with the highest probability of a rate cut in September. The main reason for this surge is the push from the stablecoin bill. The market expects it to be passed by next week at the latest, and it will take effect after Trump's signature, which has greatly increased confidence in the crypto market among large investors.

From on-chain data, the amount of BTC held for over a year is decreasing. Historically, every time BTC surges, the amount of long-term held BTC usually decreases rapidly.

If Bitcoin stabilizes at $105,000, there may be new highs, but currently, it seems poised to test the $95,000 level.