In the past 18 months, the price of Bitcoin has gradually pumped in steps of $16,000, and currently, $122,000 is a reasonable target, but it quickly fell back after recently reaching this level, indicating that the market may be accumulating strength to prepare for the next rise.

The report analysis shows that Bitcoin's technical indicators have entered an overbought state, with the RSI index exceeding 70, and multiple reversal signals are retreating. If the Bitcoin price can pull back to the range of 106,000 to 108,000 dollars and stabilize, it may alleviate technical pressure and create conditions for subsequent rises. Meanwhile, market sentiment is overheated, with the "Greed and Fear Index" entering the "Greed" zone, and the potential for further rise has narrowed.
On the macro front, the core inflation data in the United States rose less than expected, and the Federal Reserve may signal at the end of July to pave the way for policy adjustments in September. Recent positive news such as the increase in the U.S. debt ceiling and progress on the stablecoin bill has also driven short-term fluctuations in Bitcoin.