The recent BTC price fluctuations have been severe, having entered a consolidation phase after breaking through $100,000. From a technical perspective, the daily 50-day moving average shows a downward trend, indicating a bearish short-term outlook, but the weekly chart shows that the long-term trend still has strength. In the market, the number of active Bitcoin addresses and trading volume has been declining continuously; however, despite a sharp drop in funds flowing into U.S. Bitcoin spot ETFs, there are still strategic positions being taken. Due to geopolitical factors, regulatory policies, and other influences, the subsequent trend is highly uncertain. If it can hold above key support levels, there remains potential for upward movement.