As of June 9, 2025, the price of Bitcoin (BTC) fluctuates around $105,600, with intensified long-short battles. Key influencing factors include:

1. Supply and demand: The rising mining difficulty (slowing supply) and institutional accumulation (over 1.1 million BTC held by US spot ETFs) provide support.

2. Technical analysis: MACD momentum is weakening, but the 50/200 day moving averages are still in a bullish arrangement, with short-term attention on the resistance break at $107,000.

3. Macroeconomic environment: Federal Reserve policy expectations (if interest rates are cut or liquidity is released) and geopolitical events (such as the US HR 3798 bill promoting Bitcoin as part of strategic reserves) affect market sentiment.

4. Risk warning: Regulatory uncertainties (such as the SEC's review of ETH) and shrinking on-chain transaction volume (miners' income plummeting by 87%) may exacerbate volatility.

Operation suggestion: If it breaks through $107,000, consider going long with a target of $115,000; if it falls below the support of $104,800, it may retrace to $100,000.