The recent trend of Bitcoin shows controversial characteristics, with an overall weak performance and a tendency towards decline. Observing the spot market, the inflow of funds has significantly weakened, and market confidence seems to be fading, displaying a certain degree of fatigue. However, in stark contrast, the futures market is active, with continuous inflow of funds, reflecting that a considerable number of investors still hold a positive outlook on Bitcoin's potential to hit new highs or even break through $120,000.

Short-term level analysis shows that Bitcoin is in a tiring sideways consolidation state, lacking a clear direction, with price fluctuations mainly driven by futures market liquidation activities. The liquidation data chart indicates that a significant amount of liquidity has started to accumulate in the area around $107,000, while there is also noticeable liquidity gathering around $102,000 below. The market seems to be waiting for the next liquidation action to determine the direction.

In light of the current situation, investors may consider maintaining a wait-and-see attitude during the Bitcoin high-level sideways fluctuations, and take action only after the market direction becomes clear. Alternatively, the price level of $106,000 can be regarded as the price center, while the range of $109,000-$111,000 can be viewed as the high-level range, considering short-selling strategies at appropriate times. The current phenomenon of market spot-futures divergence is particularly worth investors' attention, as it may indicate that the market is about to undergo an important shift.