As of June 13, 2025, the price of Bitcoin has experienced significant fluctuations, recently retreating from a historical high of $112,000 to around $106,000. Market analysis indicates that short-term bearish sentiment dominates, and after the price broke below the key support level of $106,500, it may further drop to the range of $102,000 to $105,000. However, the medium to long-term trend is still viewed positively by some institutions, with the Trump administration's crypto-friendly policies and expectations of easing US-China trade tensions supporting capital inflows. Technical analysis shows that if the price can stabilize above $106,000, it may alleviate the downward pressure; conversely, a drop below $105,000 could accelerate the decline. More than $500 million in long positions have been liquidated across the network, reflecting the market's leverage risk.