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 the recent candlestick pattern has formed an Evening Star, suggesting a possible short-term pullback. The bullish momentum of the MACD is weakening, and the expansion of the Bollinger Bands volatility requires caution regarding risks. Market sentiment is mixed, with support at $101,000 and resistance in the $104,000-$105,000 range; a breakthrough could 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 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 policy and regulatory dynamics. It is advisable to operate cautiously in the short term, observe the breakthrough of key levels, and consider long-term positions at lower prices.