Bitcoin futures open interest surged to $72 billion, indicating that institutional leverage is continuously increasing, and market sentiment is becoming increasingly optimistic. The current price is close to $107,000, with approximately $1.2 billion in short positions facing liquidation risk. If it breaks through key resistance levels, it may trigger a 'short squeeze' rally. The current macro backdrop also supports bullish sentiment: the U.S. debt issue remains unresolved, long-term Treasury demand is weak, and the Federal Reserve may be forced to intervene, which undoubtedly puts pressure on the dollar and encourages funds to flow into Bitcoin and other hedge assets. In addition, some countries and institutions are gradually allocating part of their gold or fiat currency reserves into Bitcoin. If this trend continues, just a 5% inflow of gold could bring hundreds of billions in incremental funds. Driven by the resonance of institutions and macro factors, breaking through the historical high for Bitcoin is no longer a fantasy. There may be significant volatility in the short term, but the medium to long-term trend remains promising. However, caution is still needed as the $110,000 mark may experience a significant pullback.