The current Bitcoin (BTC) price of $BTC has surpassed the $100,000 mark, driven by multiple factors:

1. **Institutional Funds Inflow**: Asset management giants like BlackRock continue to increase their BTC holdings, with net inflows of over $4 billion in spot ETFs in a single week, and institutional holdings accounting for 8%.

2. **Policy Benefits**: New Hampshire has legislated support for Bitcoin reserves, and the Trump administration has sent crypto-friendly signals, boosting market confidence.

3. **Technical Breakthroughs**: BTC has stabilized at key support levels, with MACD and Bollinger Bands indicating short-term pullback risks, but on-chain data (such as MVRV ratio) reflects that the market is still in a healthy stage.

4. **Geopolitical and Liquidity Factors**: Rising expectations for Federal Reserve interest rate cuts, combined with the India-Pakistan conflict heightening demand for safe-haven assets, strengthen the narrative of BTC as “digital gold.”

Short-term bullish sentiment is strong, but caution is needed regarding high leverage risks, regulatory uncertainties, and large whale sell-offs.