$BTC BTC pairs (such as BTC/USDT, BTC/ETH, etc.) are cryptocurrency trading combinations based on Bitcoin, reflecting the price correlation with associated assets. As the first decentralized digital currency, BTC holds a dominant position in the cryptocurrency market for a long time due to its scarcity (total of 21 million coins) supported by blockchain technology and its censorship-resistant characteristics. In the current market environment, BTC pairs exhibit the following characteristics: ① Dominant volatility, where its price movements directly affect altcoin trends; recently, altcoins have dropped 20%-50%, intensifying market panic, but institutions continue to buy through spot ETFs, creating a bottom support effect; ② Key support battles, with bulls and bears fiercely contesting around $103,000; $102,300 serves as a short-term lifeline; a drop below may trigger algorithmic selling pressure, while a breakout above $108,000 could open up upward potential; ③ Policy relevance, with Hong Kong's RMB stablecoin sandbox testing and U.S. regulatory dynamics becoming important variables; escalating geopolitical conflicts may trigger flash crash risks. The technical analysis shows a 4-hour MACD death cross; in the short term, it is advised to pay attention to the resistance level of $104,500 and the support level of $102,500, while in the medium to long term, it remains supported by institutional accumulation strategies (holding over $82 billion) and expectations of a halving cycle.