$BTC **BTC Recent Surge Analysis**

In the second quarter of 2025, BTC broke through $100,000, setting a new all-time high. Key driving factors include rising expectations for Federal Reserve interest rate cuts, accelerated allocation of crypto assets by institutional investors, and over $3 billion in net inflows into Bitcoin spot ETFs in a single week. The technical outlook shows that after BTC broke through a key resistance level, it triggered a 'short squeeze', with on-chain data reflecting that the proportion of long-term holding addresses reached 65%, supporting a bullish narrative. However, caution is warranted regarding short-term overbought risks and changes in regulatory policies. If the September CPI data exceeds expectations, it may trigger correction pressure, with a mid-term target potentially reaching $120,000.