BTC: As of May 14, 2025, the current price of BTC is $103700; Yesterday's closing pattern was a "small bullish line", but the volume and energy decreased compared to the previous day, indicating a weakening of multi-party momentum. On chain data showed a net outflow of 890 US spot Bitcoin ETFs (approximately $91.4 million) yesterday, indicating institutional selling pressure. The current turnover rate remains the same as the previous day, with a lack of incremental capital entry. The market is dominated by short-term speculators, with a high profit taking ratio. Long term holders have limited involvement, indicating a lack of market confidence. On a macro level, last night's CPI fell by 0.1% month on month, which is a short-term positive for Bitcoin. However, the expectation of the Federal Reserve's interest rate cut in July has weakened (CME FedWatch shows an increase in the probability of maintaining interest rates), which poses a potential negative impact on the market in the medium term. Overall, Bitcoin is in a volatile pattern in the short term, and we need to be alert to the risk of a pullback caused by shrinking volume. From the chip data, a large number of chips have accumulated in the range of $93000 to $98000, forming a solid defense line and providing reliable support for the price in the short term.