The price of Bitcoin is fluctuating around $103,000 to $104,000, with less than a 5% difference from the all-time high of $109,000. It's like the final sprint in a 100-meter race, where every step is crucial.

Three Major Forces Supporting the Rise
1. Large institutions and policies are backing it up.
Institutions are buying frantically: giants like strategic companies have hoarded over $57 billion worth of Bitcoin, and they are continuing to increase their positions. Even traditional big players like the Abu Dhabi sovereign fund and the Norwegian pension fund are entering the market, indicating that Bitcoin is increasingly being recognized by the mainstream.
Policy Favorability: Several states in the United States are promoting legislation to include Bitcoin in government reserves, which is equivalent to giving Bitcoin "official certification".
2. The continuous influx of funds into the market through Bitcoin funds (similar to equity funds) has seen a net increase of $2.9 billion in the past two weeks, directly driving this surge. Historically, such a scale of capital inflow often corresponds to subsequent significant increases.
3. Technical indicators are releasing positive signals
The long-term trend line support on Bitcoin's weekly chart shows that the price is firmly above the 20-week moving average, which is a typical bull market signal. A bullish "cup and handle" pattern has appeared on the daily chart, and historically, when this pattern emerges, Bitcoin has averaged a gain of over 40%.