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Let's continue discussing the cryptocurrency space, Bitcoin (BTC) has indeed been eye-catching recently. On July 14, Bitcoin's price broke through the $120,000 mark with a strong surge, reaching a high of $123,091.61, setting a new historical record. However, the market has always been highly volatile, and by July 15, its price fell back to $117,109.54, a drop of about 4% for the day. Even so, the overall increase over the past 7 trading days still reached 8.2%. From a long-term perspective, after Bitcoin's halving in April 2024, the supply contraction effect has gradually become evident, combined with demand from institutions and retail investors, jointly driving the price upward. From the second half of 2024 to the first half of 2025, Bitcoin entered a relatively strong bull market, with its price climbing from a relatively low level to above $100,000. During this period, the supply held by long-term holders reached a new high, and the number of wallets holding more than 10 BTC continued to grow, indicating that 'smart money' is still accumulating. We can refer to this Bitcoin price trend candlestick chart (assuming the chart shows the daily candlestick chart of Bitcoin's price over the past 1-2 years, illustrating the price fluctuations from early 2024 to now, interspersed with multiple pullbacks), which clearly shows that its price does not move in a one-sided upward trend; it also experiences significant volatility during the rise. For example, between April and June 2025, Bitcoin's price fluctuated around $100,000. The factors driving the subsequent development of Bitcoin are significantly influenced by policy. The United States will review cryptocurrency bills such as the (Genius Act) and the (Clarity Act) this week. If these bills progress smoothly and even become law, they will provide a clearer regulatory framework and institutional guarantees for the international cryptocurrency market, attracting more traditional international funds into the crypto market, or further pushing Bitcoin's price upward. However, it is important to note that the cryptocurrency market, including Bitcoin, is greatly affected by sentiment. Once market sentiment turns, such as a large-scale profit-taking scenario, it could trigger a rapid price drop. From a market supply and demand perspective, the halving event in April 2024 further constricted Bitcoin's supply, and this trend will continue to play a role for some time, providing long-term support for the price. With the continued entry of institutional investors, such as Metaplanet's Bitcoin holdings surpassing $1 billion, and Canadian listed company Universal Digital launching a Bitcoin reserve strategy, the increase in institutional holdings will provide support for Bitcoin's price. From a technical analysis perspective, after breaking through $120,000, Bitcoin retraced and is currently in a short-term adjustment phase. If it can stabilize in the $110,000 to $115,000 range and trading volume gradually increases, it may again challenge higher price levels; conversely, if it falls below the key support level of $105,000, it could trigger a new round of significant declines. In summary, Bitcoin's future development presents both opportunities and challenges. When monitoring its price trend, it is essential to consider various factors such as policy, market supply and demand, and technical aspects comprehensively.