The current BTC market at $BTC is at a critical point. From a technical perspective, the price is fluctuating between $105,000 and $108,000, with short-term moving averages tangled and direction unclear. On the news front, a European Bitcoin giant plans to reserve over $11 billion in Bitcoin, which is clearly positive. However, regulatory policies remain unclear, presenting uncertainties. Overall, the tug-of-war between bulls and bears is intense, and attention needs to be paid to the breakthrough situation at the key level of $106,000. If it can effectively break through, it is expected to challenge $110,000.