Recently, there are many bearish factors for BTC. On the morning of June 12, BTC experienced a strong pullback, with the price dropping over a thousand points, breaking below the short-term support of 109,000, and reaching around 108,000 at a low point. A long upper shadow appeared on the daily chart, and after being blocked at 110,392, it quickly fell back. Heavy selling pressure is expected in the short term, with a continuous bearish structure forming in the 4-hour chart. The EMA7 has formed a death cross with the price, and short-term bullish sentiment has weakened. A continuation of the pullback is expected, and if it breaks below the key support level, the price may decline further. However, there are also some positive factors. Institutional investors' interest in Bitcoin continues to rise, with companies like MicroStrategy increasing their holdings, inflows into Bitcoin ETFs, and an increase in miners' output, all supporting a bullish outlook in the medium to long term. In addition, the U.S. has passed the 'Digital Asset Market Transparency Act,' and the improvement of the regulatory framework is expected to attract more institutional funds.