Bitcoin has fallen back to $107,000. Is it a bottom-fishing opportunity or a 'brake' before $120,000?

The major cryptocurrency was just 'kicked' down the stairs by Trump's 50% tariff policy, retreating from a local high of $111,300 to $107,500, directly piercing through the key FVG zone.

But is this pullback really a 'danger signal'?

The key to understanding the market is not 'how much it has fallen', but who is taking action and who is on the sidelines.

Institutions are scooping up, while retail investors remain calm as water—Google search interest is only half of what it was in November last year. With no emotions, it feels safer.

Leverage is neutral, and the funding structure is healthy; currently, Bitcoin is sandwiched between two fair value gaps. The key is whether it can hold above $107,000 or reclaim the $109,000-$111,000 primary bullish battleground.

If it loses this level, it may dip to a liquidity pool at $106,000;

If it regains it, the target will directly look to $112,000, or even the $120,000 outpost.