The price of Bitcoin seems to be facing resistance near $108,900, reminiscent of the scene last weekend when the price struggled to break through the $100,000 barrier. Does this mean we are still stuck in a wide range of fluctuations?

The current upward momentum in the market mainly comes from two aspects: first, the alleviation of geopolitical risks, and second, the relatively optimistic attitude of Federal Reserve Chairman Powell and other committee members towards interest rate policy. However, it is worth noting that this year, the influence of macro factors on market sentiment has significantly weakened. Whether it is positive or negative news, its impact usually lasts no more than a week. At the beginning of each new week, market participants will look for new points of interest.

In this case, whether Bitcoin can test the critical price level of $108,900 within this week becomes particularly important. This not only concerns short-term trends but may also determine the market direction for some time in the future.

Currently, the market seems to be at a delicate balance point. On one hand, investors are cautiously optimistic about the global economic outlook; on the other hand, they are closely monitoring the policy trends of central banks in various countries. In this context, Bitcoin, as an emerging asset class, reflects both the fluctuations of traditional financial markets and the unique market dynamics of cryptocurrencies.

In the coming days, market participants will closely watch whether Bitcoin can break through the current range. If it successfully breaks through, it may trigger a new round of increases; if it fails, we may see a pullback. In any case, it is crucial to remain vigilant and conduct rational analysis in the current complex market environment.