Recently, BTC has maintained a high-level consolidation, with prices fluctuating between $101K and $104K. On the macro front, the Federal Reserve's delayed interest rate cut expectations have put pressure on risk assets, but on-chain data shows that whales continue to accumulate, providing medium-term support. Market sentiment is gradually becoming cautious, with the fear and greed index retreating to neutral territory. In the short term, BTC faces resistance at $104K and support at $100K, and unless there are significant positive or negative developments, it is expected to continue sideways consolidation. The medium-term still has upward potential, but caution is needed regarding the risk of high-level fluctuations.