The current Bitcoin (BTC) price is fluctuating around $108,000, just a step away from the historical high. Market sentiment shows a tug-of-war between bulls and bears, with short-term technical indicators indicating pullback pressure, but the long-term fundamentals still support the continuation of the bull market.

Technical Analysis: RSI is close to the 70 overbought zone, MACD shows a death cross. If it breaks below the support level of $102,000, it may retest $98,000.

Market Dynamics: ETF inflows have slowed, Coinbase premium index has fallen to -5.07, indicating a strengthened willingness of U.S. institutions to cash out in the short term.

On-chain Data: Miners have net sold 8,000 BTC in the last 30 days, whale addresses are transferring chips to exchanges, leading to increased short-term selling pressure.

However, the long-term bull market logic remains unchanged:

Institutionalization: Total holdings of spot ETFs exceed 1.5 million BTC, with firms like BlackRock continuing to increase their positions.

Macro Positive: Expectations of interest rate cuts from the Federal Reserve are rising. If CPI drops below 2.5%, it may trigger a new round of increases.

Operational Strategy: Accumulate on dips, be wary of leverage risks.

Short-term: If it pulls back below $102,000, consider building positions in batches; if it drops below $98,000, stop loss is necessary.

Long-term: Retain 50% of the base position, and watch for the potential to break $120,000 in Q3.

Conclusion: BTC may face consolidation in the short term, but the foundation of the bull market remains strong. Investors need to balance risks and patiently wait for the next catalyst.