BTC Bitcoin has been wobbling for half a year, and in the short term, it surged to 69,000, just a bit away from the 70,000 resistance level, but it couldn't push through, and then it pulled back. The signs of manipulation by the whales are too obvious.

This surge had a lot of favorable factors, with ETF funds pushing hard, and many institutions like BlackRock and Fidelity have increased their BTC holdings. Ethereum isn't performing as well; investors are all focusing on BTC. The net buying power of twelve US ETFs is very strong, much stronger than ETH, and Grayscale has shifted from selling to net inflow.

The Bitcoin Strategic Reserve Act has been proposed again, and if passed, it would be a significant positive for the crypto space. There's also a proposal to build a "decentralized secure Bitcoin vault." If this act is implemented, mainstream recognition will likely increase, and other countries and institutions might follow suit. At that time, the volatility of the Bitcoin market might decrease.

Currently, both bulls and bears are watching the key price level of 75,000. Bitcoin has failed to break 70,000 in its last four attempts, with each pullback exceeding 10,000 points. This time, it is closest to 70,000, yet still hasn't managed to get there. It's very likely that there's an attempt to bait the bears while blowing up long positions, followed by a sharp drop and then a V-shaped recovery to break 70,000.

Once it breaks through, after reaching 73,000, it will quickly get to 75,000. By that time, the bears will have to turn into bulls, and no one will be trapped or bearish anymore; market funds will have to flow in, and the once-in-four-years explosive bull market may just officially kick off.