Bitcoin

1. Continuous Penetration of Traditional Capital and Macro Allocation

The global fiat currency and bond markets are enormous, with Bitcoin accounting for less than 1%. However, traditional financial institutions' BTC holdings are steadily increasing. Large-scale institutional purchases and use cases such as Dubai real estate indicate that long-term capital continues to lay out in BTC.

2. Disputes Intensify Over Bull Market Ultimate End and New Highs

There is a clear divergence in discussions about the end of the bull market and new highs. On one side, bears are wary of liquidity withdrawal, while on the other, bulls are betting on new highs in this cycle. Overall sentiment is mixed but bullish forces prevail.

3. Mining Company Rating Differentiation Reflects Cost and Efficiency Games

JPMorgan has upgraded the ratings of efficient mining companies and downgraded those with higher costs, highlighting profit differentiation and hash rate concentration in the mining industry, resulting in a layered impact across the sector.

4. Fluctuation Range and Trading Opportunities

In the short term, the fluctuation range is between MA30 and $120,000, with clear support and resistance. Technical indicators show bullish signals and a double-bottom pattern, providing entry points for buying on dips. However, be cautious about trading volume spikes and the risk of corrections.