Bitcoin is currently in a critical position of extreme tension! The price is oscillating within a very small range, and this phenomenon is like the calm before the storm, with both bulls and bears gathering energy to prepare for a showdown.

Based on years of market observation experience, this extremely compressed state of fluctuation will not last long. It is like a spring that has been compressed to its limit, ready to release energy violently at any moment, either soaring or plummeting. Market risk is currently high, and investors need to exercise particular caution.

To confirm an upward trend, three key conditions must be met: sufficient capital entering the market substantially, a solid breakthrough of the key resistance level above 110.83 million USD, and a clear shift in market sentiment indicators towards positivity. Without any of these points, the upward signal is not reliable enough, making the target price of 110,000 USD even more distant.

For the downside risk, pay close attention to the key support level around $103,300. If this level is strongly broken, especially with a significant increase in bearish momentum indicators, it may trigger a collective stop-loss from bullish investors, and the price could quickly drop to the $100,000 round number.

The advice for spot holders is to remain calm and not to trade frequently. Currently, the market has small fluctuations, trading costs are relatively high and it is easy to make mistakes, with limited profit potential. Holding onto the base position and waiting for a clear direction is a more prudent strategy.

The key to breaking the current market deadlock lies in the substantial inflow of external funds. It is worth closely monitoring on-chain data and institutional fund movements, especially the net purchases of ETFs by large institutions such as BlackRock. The continuous buying behavior of such institutions is the real key to breaking the market deadlock and triggering major trends, and its importance far exceeds that of short-term technical indicators.

As the market continues to evolve, it is crucial to stay alert and look for the right entry points. In this market cycle, seizing opportunities and establishing a stable foothold will be the key to success.