In the past few weeks, Bitcoin's price has experienced significant fluctuations. By the end of 2024, Bitcoin had surpassed the $100,000 mark, driven by favorable news regarding the approval of a U.S. spot Bitcoin ETF and the Trump administration's promotion of a strategic Bitcoin reserve. However, entering February and March 2025, the price experienced a correction. For example, on February 25, Bitcoin briefly fell below $89,000, with a daily decline of over 6%; on March 6, after Trump signed the executive order on the strategic Bitcoin reserve, the price spiked briefly but then quickly fell back, consecutively breaking through multiple round numbers and hitting a low near $86,000. This 'rise then fall' trend indicates that the market's sentiment is highly volatile after digesting significant news and lacks sustained capital inflow to support further increases.

From a technical perspective, Bitcoin has recently shown a broad range of fluctuations. Some analyses suggest that the overall trend is leaning downward, with the number of open contracts having dropped to the levels seen in September 2024 (when the price was around $64,000), indicating that high-leverage positions have been significantly liquidated. This may provide room for a rebound in the future, but there remains uncertainty in the short term. The key support level may be around $72,000, while the resistance level is in the range of $90,000 to $93,000.