From the current market situation, the funding rate remains positive on major exchanges, indicating that long positions investors are still willing to pay a premium. Although market sentiment leans towards longer, it has not yet reached an extreme state.

It is worth noting that despite the continued net inflow of Bitcoin spot ETFs, the price trend has shown signs of weakness, with relatively obvious selling behavior in the high price range, and the market's risk aversion sentiment has not completely faded.

From a technical analysis perspective, a double top structure has formed on the daily chart, and recently it has continued to create a consolidation pattern on the right side. The focus of medium-term observation is still concentrated on whether the support around $110,000 can be broken. Based on the current trading volume, if it falls below $110,000, a corrective divergence in the C wave segment may form, after which a rebound trend is expected.

In terms of short-term trends, the price continues to operate below the support and resistance level of $106,000. A right-side structure has formed a triangular consolidation range in the short term, and the downtrend is likely to continue, with the expected target price maintained around $102,800.

In the current market environment, investors need to closely monitor the flow of funds into Bitcoin ETFs, the global geopolitical situation, and the potential impact of changes in U.S. trade policies on the cryptocurrency market.