Bitcoin ($BTC) is currently navigating a fascinating phase. After a strong rally earlier this year, it's now hovering around $107,000, with analysts eyeing the $108K–$110K zone as a critical resistance band. A breakout above this could push BTC into price discovery mode, potentially targeting $112K and beyond.

However, momentum indicators like MVRV (Market Value to Realized Value) are cooling off, suggesting we might be entering the **late stage of the bull cycle. On-chain activity and spot trading volume have dipped, which could mean reduced speculative intensity.

On the macro front, ETF inflows have slowed, and concerns over inflation and Fed policy are adding pressure. The proposed Bitcoin Act, which would see the U.S. government accumulate $BTC , could be a bullish catalyst if it gains traction.

So, while the long-term trend remains bullish, short-term sentiment is mixed—like a coiled spring waiting for a decisive trigger.