Recently, the market has shown a tug-of-war between bulls and bears, influenced by multiple factors.

First, regarding economic data, the retail and PPI figures from April were not ideal, leading to a decline in the US dollar index. After a few days of consolidation, Bitcoin finally showed some improvement, with Ethereum also reacting slightly. However, the overall market still feels a bit sluggish as everyone is waiting and watching.

On the Federal Reserve's side, Powell's recent remarks have been quite thought-provoking. He mentioned that a zero interest rate is no longer the norm and that some policy statements may need adjustment. The market generally believes that there won't be an interest rate cut in June, although Trump has been continuously calling for one. To be honest, the entry of institutional funds has provided some confidence to the market, but the trend still lacks strength.

In terms of trade, there are new developments; both the US-Japan and US-Europe negotiations are intensifying, which will have some impact on market sentiment.

Technically, Bitcoin is facing resistance in the range of 106,000 to 109,000, with trading volume noticeably decreasing. Although the overall trend remains bullish, there may be a need for a short-term adjustment. If it cannot stabilize above 106,000 next week, there may be a risk of a pullback.

Interestingly, although there are indications of a potential rate cut in December, the market's reaction has been surprisingly calm. The current market seems to be gathering strength, slowly recovering after each small drop, indicating that the market is testing its direction.

Personally, I feel that while various news appears positive, Bitcoin needs more substantial positive developments to break through its previous highs. The current position is a bit awkward, as a breakout upward requires more funds to enter. Based on past experience, after a significant rise, there is often a period of adjustment, and this adjustment has now lasted for more than a week, which is indeed a bit concerning.

Tonight, two important data points will be released, which may bring some volatility to the market. I advise everyone to remain patient and not let short-term fluctuations affect their judgment. In the crypto world, mindset is truly important.

In summary, the market is at a critical position, and whether it goes up or down may soon become clear. Let's wait and see!