$BTC

Bitcoin today fluctuated in a narrow range between $108,000 and $112,000, with a 24-hour trading volume plummeting by 42% to $18.6 billion, showing a tense standoff between bulls and bears in the market. Key indicators show:

1️⃣ Institutional dynamics: BlackRock's IBIT holdings exceeded 243,000 BTC, with a weekly increase of 18,000 BTC;

2️⃣ Derivatives warning: The open interest for $120,000 call options reached a historical peak, while the funding rate for perpetual contracts turned negative (-0.023%);

3️⃣ Technical signals: The 4-hour MACD shows a bearish divergence, but on-chain whale addresses increased their holdings by 31,000 BTC, forming strong support. Standard Chartered's latest research report raised the year-end target price to $148,000 but warned that if the U.S. June CPI exceeds 5.3%, it may trigger a short-term sharp drop to $97,000. The current market leverage ratio (1.38) is close to the levels before the flash crash in December 2024, and it is recommended to keep positions below 50%.