BTC: As of May 13, 2025, the current price of BTC is $102700; Within 24 hours, it fell 1.27% and hit a low of $100700. Yesterday, the pattern of closing at a high level was a "spindle line", accompanied by a certain amount of energy, indicating weakness in multiple parties and short-term bearish dominance. On chain data shows that the US spot Bitcoin ETF had a net inflow of 49.96 units (approximately $5.2 million) yesterday, with limited institutional capital inflows but still maintaining confidence. The trading volume is concentrated in the US session, coinciding with US bond auctions (3-month and 6-month periods), and the auction performance is weak (with rising yields and decreasing subscription multiples), which may lead to some funds flowing from Bitcoin to US bonds. Turnover rate data shows that trading activity was not significantly higher than last week, and players did not panic due to the decline. Most still hold an optimistic attitude towards the future market. At the macro level, the US dollar index rose to 101.5, and the 10-year yield of US Treasury bonds reached 4.46%. The expectation of the Federal Reserve cutting interest rates has been lowered to two times, both of which have suppressed risk assets. Overall, despite price pressure, Bitcoin has shown strong resilience. Technical support is also provided: the support range of 96000 to 98000 US dollars is stable, indicating that the market is in a benign adjustment stage in the short term. However, the overall trend of Bitcoin has diverged and the difficulty has increased. Because under normal circumstances, the higher the demand, the higher the price; At present, there has been a deviation between prices and demand, which means that it may not be possible to push prices further. Therefore, at present, the conditions for launching a fierce bull market are still not mature. So, it means that Ethereum and altcoins still cannot see a reversal at the moment! Next week, focus on whether Ethereum's weekly BOLL can be held! May it determine whether the market will reverse or rebound in the future?