Bitcoin: Acceptance phase or overheating risk?

$BTC stands at a crossroads between institutional investment and profit-taking activities:

• ETFs hold 3.1% of the supply ($250 billion AUM)

• 88% of coins are in profit — potential selling zone

• The range of $103K – $112K is the main battleground

🔍 Technical:

• Support at the 50-day SMA — $103K

• Resistance at ATH — $111.9K

• MACD weakening, but buy wall at $104.5K keeps buyers in (currently)

💵 Macro:

• Global liquidity at $107 trillion

• #BTC decouples from stocks, reacting more to M2 than to the Fed

⚠ Notable point: Can the price level of $104,500 hold until the options expiration in June (June 27) to maintain the bullish structure?