As of June 17, 2025, the price of Bitcoin against the US dollar (BTC/USD) fluctuates around $104,000, continuing the momentum pattern following this halving cycle. As the first decentralized cryptocurrency, BTC is being rapidly incorporated into the asset allocation systems of mainstream institutions, supported by the scarcity (total supply of 21 million coins) and anti-inflation properties enabled by blockchain technology. Currently, the market is influenced by multiple intertwining factors: the delayed expectations of Federal Reserve interest rate cuts suppress short-term risk appetite, while the cryptocurrency-friendly policies promoted by the Trump administration provide long-term support; the technical indicators show a bullish arrangement after RSI overbought correction, and the key resistance level breakthrough needs to be observed with volume support at $105,000. The derivatives market shows a high position ratio of long and short positions, indicating that volatility may be amplified. In the medium to long term, the competition among global central bank digital currencies and the inflow of funds into Bitcoin spot ETFs (such as BlackRock's product exceeding $100 billion in scale) may push its positioning towards "digital gold" deeper.