BTC: As of July 3, 2025, the current price of BTC is $109800; Yesterday's closing pattern was a "medium bullish line", accompanied by an increase in volume, indicating that bullish forces have an advantage in the short term. On chain data shows that the US spot Bitcoin ETF saw a net inflow of 3860 units worth $408 million yesterday, with institutional confidence recovering and turnover rates running at a low level, indicating that the current rise is more due to rational bottom buying rather than speculation. On a macro level, the ADP employment data for June in the United States unexpectedly decreased by 33000 people, and risk assets rebounded. The market expects the Federal Reserve to initiate a loose cycle, but CME predicts that the probability of maintaining interest rates in July will still dominate (down 4 percentage points). In addition, the adjustment of tariffs between China and the United States (with next Thursday as the deadline) may become a key variable. Overall, Bitcoin has returned to above the trend line and has the potential to further rise. However, we need to be wary of fake breakthroughs! Whether the new round of upward trend has sustained momentum still depends on the entry of incremental funds. In terms of support, the $93000-98000 range remains a solid defense line, while the support in the $103000-107500 range is gradually consolidating.