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.Today, Bitcoin continues to show strong performance, reaching a high of 99,500, just a step away from the psychological barrier of 100,000. The market is exhibiting a broad upward trend driven by multiple factors:

1. Institutional funds continue to flow in
The Bitcoin spot ETF has seen a net inflow of $142 million in a single day, with total assets under management surpassing $112.7 billion. There is a clear trend of institutional accumulation, with companies like MicroStrategy continuing to increase their positions. The market expects that long-term capital will continue to support prices.

2. The Impact of Federal Reserve Policies on the Macroeconomy
Despite the Federal Reserve keeping interest rates unchanged, the market still holds expectations for a rate cut in July. Coupled with the news of Trump's imminent announcement of a "major trade agreement," the sentiment for risk assets is warming.

3. Technical Analysis and Market Structure
BTC has formed a dense liquidity pool in the range of $98,000 to $99,500. If it breaks through $100,000 in the short term, it may trigger FOMO sentiment, but be wary of selling pressure from long-term holders near $99,000. Ethereum is boosted by upgrade benefits.

4. Sector Rotation and Risk Warning
Layer2, GameFi and other sectors have seen a slight increase, but overall market funds are still concentrated on BTC and stablecoins. It is important to pay attention to the risks of high leverage liquidation and the impact of changes in geopolitical situations on risk aversion demand.

Outlook: If BTC stabilizes at $100,000, it may drive altcoins to catch up; otherwise, watch for a pullback. Investors need to follow the flow of funds and policy trends, rationally responding to a highly volatile market.