At the macro level, according to Reuters, relevant sources revealed that China is considering allowing the launch of RMB-denominated stablecoins for the first time to promote the internationalization of the RMB. The State Council will review a roadmap later this month, which includes usage goals for the RMB in global markets, the division of responsibilities among regulatory departments, and risk prevention mechanisms. It is expected that the high-level study meeting at the end of the month will focus on the internationalization of the RMB and the development of stablecoins, with related speeches potentially setting the tone for the application boundaries of RMB stablecoins.

This trend shows that, as U.S. dollar-pegged stablecoins gradually gain global financial discourse power, Beijing is viewing stablecoins as an important breakthrough for the RMB to enter international markets.

Meanwhile, U.S. regulators are also accelerating adjustments. SEC Chairman Paul Atkins recently stated at a blockchain seminar in Wyoming that the SEC will swiftly implement the regulatory recommendations on digital assets from the President's task force, planning to shift from a 'law enforcement-oriented' approach to a 'rules-oriented' one, further supporting innovation while protecting players. In the future, the framework for U.S. digital asset regulation may be led by the President's digital asset group.

At the corporate level, enthusiasm for Bitcoin remains high. Nasdaq-listed Mingcheng Group Holdings announced that it will acquire 4,250 Bitcoins through the issuance of convertible notes and warrants, with a total value of $482.9 million, at an average transaction price of about $113,638 per coin. Following the news, the company's stock price surged by as much as 29%, ultimately closing up 11.5% at $1.65.

On the other hand, Bitcoin mining companies are still seeking expansion. Bitdeer (BTDR) stated that despite pressures such as rising costs and macroeconomic uncertainties, the company still plans to increase its investment in mining machine manufacturing and resources in the U.S. Its analysts noted that former U.S. President Trump's energy and crypto policies are generally favorable for industry development.

On the exchange front, Coinbase continues to expand its territory, announcing the inclusion of five assets: AWE Network, Dolomite, Flock, Solayer, and SPX6900 into its listing roadmap.

On-chain data indicates an increase in turnover rate yesterday. Bitcoin showed signs of rebound, but the momentum was not as strong as Ethereum. ETH quickly recovered yesterday's losses, demonstrating stronger buying power. BTC's stability relies more on reduced selling pressure, while ETH's rise seems more like a genuine capital push.

According to URPD data, the $100,500-$107,000 range has accumulated 1.617 million Bitcoins; the $93,500-$98,500 range has accumulated 1.574 million Bitcoins.

In summary, although Bitcoin has experienced adjustments in the short term, the chip structure and trend indicators suggest that the pullback may be nearing its end. The focus in the coming days remains on whether the support at $112,000 can hold. As long as this level is not breached, the overall trend still has the possibility of continuation. The most pessimistic scenario is a pullback to $101,000. However, from a probabilistic perspective, unless there is significant macro negative news, the likelihood of dropping to this level is very low.#比特币走势分析