Bitcoin (BTC) has recently shown a **high-level fluctuation** trend, with prices fluctuating in the **$105,000 to $111,000** range, and intense market tug-of-war. Here are the key analyses:

### **1. Recent Price Performance**

- On **May 22**, Bitcoin broke through **$111,000**, setting a new annual high.

- On **May 27**, the price fell back to around **$108,000**, entering a sideways consolidation phase.

- **Short-term support level** is at **$107,000**, if it breaks below, it may drop to **$105,000-$102,000**.

### **2. Driving Factors**

- **Institutional Capital Inflow**: The U.S. spot Bitcoin ETF saw a net inflow of over **$3.6 billion** in May, driving prices up.

- **Macroeconomic Impact**: Expectations of interest rate cuts from the Federal Reserve, a weaker dollar, and heightened inflation concerns enhance Bitcoin's **safe-haven attributes**.

- **Policy Favorability**: Some U.S. states (such as Arizona) are incorporating Bitcoin into their financial reserves, and El Salvador continues to increase its holdings.

### **3. Technical Analysis**

- **Short-term Pullback Risk**: The RSI (Relative Strength Index) is approaching the overbought zone, and the MACD has shown a death cross signal, indicating a potential short-term adjustment.

- **Key Resistance Level**: **$111,000** (recent high), if broken, it may challenge **$120,000**.