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 recently appeared in the K-line, suggesting a possible short-term pullback. The bullish momentum of MACD is weakening, and the volatility of the Bollinger Bands is expanding, necessitating caution regarding risks. Market sentiment is mixed, with support levels to watch at $101,000 and resistance levels in the $104,000-$105,000 range; if broken, the upward trend may continue. On-chain data shows that long-term holders are increasing their positions, miners' profits are stable, and the value of hash rate has rebounded, supporting the long-term trend. On a macro level, an improved policy environment and easing trade tensions provide favorable conditions for the market, but attention should be paid to changes in Federal Reserve policies and regulatory dynamics. It is advised to operate cautiously in the short term, observe key level breakthroughs, and consider long positions at lower prices.