As of May 11, 2025, the current price of Bitcoin is approximately $103,300, in a high-level consolidation phase. The technical indicators show that a dark cloud cover pattern has appeared recently, indicating a potential short-term pullback. The bullish momentum of the MACD is weakening, and the volatility of the Bollinger Bands is widening, necessitating caution for risks. Market sentiment is mixed, with support levels to watch at $101,000 and resistance levels in the $104,000 to $105,000 range; if broken, it may continue the upward trend. On-chain data shows that long-term holders are increasing their positions, miners are maintaining stable profits, and the value of hash power is recovering, supporting the long-term trend. On the macro level, improvements in the policy environment and easing trade tensions provide positive factors for the market, but attention must be paid to changes in Federal Reserve policies and regulatory dynamics. It is advisable to operate cautiously in the short term, observe key level breakthroughs, and consider accumulating positions on dips for the long term.