I. Market Overview According to the latest candlestick data, the current price of BTC is 110142 (based on the latest 1-hour closing price). Over the past 14 days, BTC has shown significant volatility, with a peak at 116400 and a low dipping to 106103, resulting in an overall range of about 10,000 points. Recently, the price has retraced from a high of 114559 and has been oscillating in the range of 109000-111000. Looking at the hourly candlesticks of the last 48 hours, BTC's trend has been primarily characterized by narrow consolidation, with prices repeatedly fluctuating between 109600 and 110300. Hourly trading volume is concentrated around 100-400, with only local periods (e.g., when prices rise briefly) showing increased volume, indicating unresolved bullish and bearish divergence. Market sentiment suggests that analysts generally believe the short-term trend will be range-bound, with a predominant bullish view, but overall entering a stage of consolidation to choose a direction. II. Technical Analysis 1. Support and Resistance Levels Through analyzing the daily candlesticks over the last 14 days, the current strong support level is at 109395 (short-term low), with further support around 106103. Resistance levels appear sequentially at 111190 (recent high) and above 114000, with peak resistance concentrated at 116400. Recent hourly candlesticks show prices obtaining support multiple times at 109650, 110062, etc., with clear short-term pressure in the range of 110300-110564. 2. Trends and Patterns After the daily level fell from 114559, it has closed within the range of 109000-110500 for several days, with short-term fluctuations restrained by resistance at 110500 and no significant breakthrough signaling a rise. In the last 48 hours, there has been a continuous slight increase and flat closing, with four-hour candlesticks also showing signs of bullish arrangement, but lacking strong upward momentum, requiring caution against a breakdown below 109000 that could lead to increased volume. 3. Volume Analysis Hourly and daily trading volumes have significantly slowed, except for earlier days of large fluctuations where daily volumes exceeded 10,000 hands; recently, volumes have notably decreased, reflecting a strong atmosphere of market observation, and the probability of a large unilateral market trend has diminished. III. News and Policy Interpretation 1. Latest News Summary The news focuses on institutional ETFs, mining company financing, and structural capital flows. The US BTC spot ETF recorded a net inflow of $3.4249 billion in October, indicating sustained entry of institutional capital, supporting analysts' judgment that "BTC has entered an era dominated by institutions." Some ETFs experienced short-term outflows, such as $179.2 million yesterday, but the overall pattern remains unchanged. The mining company TeraWulf issued new priority notes to supplement industry capital. Some quick comments point out that BTC's "chip structure is rapidly tightening, with significant volatility imminent," hinting at hidden energy in the capital market. The market's actual response is reflected in reduced volume oscillation, with no drastic changes in price ratios. 2. Policy Information Input data shows no important policy dynamics in the last 24 hours, week, or month, with no sudden regulatory changes affecting market rhythm. IV. Consolidated Analyst Views - "#BTC周线级别走势健康，关注基本面情况，日线级别上，大饼延续高位震荡格局……短期均线维持向上发散形态，多头力量具主导性。日内短线建议低多为主。上方压力 111000-112000, lower support 1065500-105500." - "BTC direction: Build a position: Stop loss near 108900; take profit: 110300-111400-112100, flexible entry... The market has started extremely narrow oscillations since yesterday... but if it does not break above 112000, no recovery is expected; if it does not break above 116000, strong movement is not anticipated." - "BTC bulls are not out of the game yet... Added positions to go long twice around 109000, both at 110200 where I closed 50% and 70% of positions (break-even)... I mentioned multiple times during the live broadcast that I hoped to close 70% at 111300, but the drop was too fast to react... I don't want to go long at 109000 again at night due to high risk, let's focus on the support around 117588." - "BTC short orders are in unrealized gains and next steps are arranged." Overall, analysts' views are concentrated on "high-level oscillation + bullish dominance," but there are also suggestions for short-term short orders. Most consider lower support around 109000, with strong resistance at 112000-116000, low longs still being the main tone, but maintaining vigilance against hedging obstacles or consolidation risks. V. Future Trend Predictions and Operational Suggestions Combining actual candlestick performance with analyst opinions, it is expected that BTC will continue to oscillate in the range of 109000-111500 in the short term. If it effectively breaks through 111200, it may challenge the highs of 112100 or even 114000. If the price falls below 109000, pay attention to the volume drop risks around the support of 106103-107500. In terms of operations, it is recommended to build long positions around 109500 on dips, with stop losses referenced to 108900 and slightly below, gradually taking profits at 110200 and 111400; if the price cannot effectively conquer 112000, reduce positions in a timely manner to prevent pullbacks. Avoid chasing high prices and wait for a clear direction before adding positions. Absolutely prohibiting ignoring stop losses while chasing prices and selling in a bearish market. VI. Risk Warning Currently, BTC is in a period of reduced volume consolidation, close to key support and resistance zones, with an increased probability of amplified volatility. If the volume suddenly increases or quickly breaks below 109000, it will intensify the divergence between bulls and bears, leading to drastic whipsawing. In the future, if there are no unfavorable policies or extreme negative news, the probability of a major decline is limited; however, if high-level rebounds fail, caution is needed for a sudden weakening of the market. It is essential to closely monitor real-time trading volume and key price movements around 109000, 111200, and 112000, setting reasonable stop losses and take profits to prevent losses due to emotional trading. Risk control, position allocation, and trading discipline are of utmost importance.