Bitcoin Price and Technical Dynamics

Price Performance: Bitcoin's current price is fluctuating around 107,500 USD, with a daily high of 108,900 USD and a low of 106,115 USD. The 24-hour trading volume exceeded 31.5 billion USD, and the total market capitalization remains at approximately 2.14 trillion USD. The technical indicators show that the daily chart for Bitcoin is forming a 'triangular convergence' structure. If it breaks through the resistance level of 108,000-109,000 USD, it could open up an upward channel towards 112,000 USD or even 140,000 USD.

On-Chain Data: Large wallet addresses (holding 100-10,000 BTC) have recently shown signs of selling, but institutions continue to accumulate, such as MicroStrategy, which has recently increased its holdings by 10,100 BTC at an average price of 104,080 USD over the past week, bringing its total holdings to 592,100 BTC with an average cost of 70,666 USD.