The recent price fluctuations of Bitcoin ($BTC ) have been significant, with consecutive drops below the $104,000 mark from June 18 to 20, 2025, reaching a low of $103,999.01, and a 24-hour decline of 1.5%. Price fluctuations are influenced by multiple factors:

1. Market Supply and Demand: Institutional investors entering the market (such as MicroStrategy increasing their holdings by 10,100 BTC) and demand for safe-haven assets are driving up demand, but increased mining difficulty is restricting supply;

2. Policy and Macroeconomic Environment: Expectations of interest rate cuts in the U.S. and stablecoin legislation in Hong Kong are positive, but regulatory uncertainties still exist;

3. Technical Analysis: $105,000 is a key resistance level; if it holds or breaches $120,000, a drop below would target $78,500.

In the short term, fluctuations may continue, while in the medium to long term, support from institutional accumulation and ETF capital inflows is expected, with Standard Chartered predicting it could reach $200,000 by the end of the year. Caution is advised regarding whale sell-offs and black swan event risks.