$BTC Technical indicators show that the Bollinger Bands on the 4-hour chart have narrowed to around $108,300 midline, MACD remains neutral, and RSI (52) does not show overbought signals, suggesting that the market is building momentum for a breakout. If it can effectively hold above the upper band at $109,250, it may accelerate towards the channel top of $114,000; if it fails to maintain support at $107,000, it may retest the moving average cluster around $105,000-$106,000.

Positive fundamentals are stacking up: BlackRock's Bitcoin ETF size has exceeded $72 billion, with institutional buying continuing to flow in; expectations of Trump’s policies and the nearing end of the Federal Reserve's interest rate hike cycle are boosting the preference for risk assets; the initiation of the FTX repayment process may release $7-10 billion in stablecoin liquidity. However, caution is advised as the traditional summer trading lull may suppress short-term momentum, and there is significant historical resistance pressure above $110,000.