Core Viewpoint - The cryptocurrency market is experiencing significant volatility, with BCT (Bitcoin) prices breaking through key resistance levels and potential for further gains, driven by both technical patterns and external factors such as government initiatives [1][6][10]. Group 1: Price Movements and Technical Analysis - BCT's price has surpassed 780,000 RMB, with a 24-hour trading volume exceeding 240 billion RMB, indicating strong market activity [1] - BCT has been consolidating in the range of 101,000-110,000 USD (approximately 735,000-800,000 RMB) for over five weeks, forming a "bull flag" pattern, with a potential target of 144,000 USD (approximately 1,048,000 RMB) upon breakout [3] - Current BCT price is 107,485 USD (approximately 782,000 RMB), just 2.3% away from the critical resistance level of 110,000 USD [3] Group 2: Market Dynamics and Institutional Involvement - Miners are holding their positions despite a significant drop in transaction fees and income, indicating a belief in future price increases [4] - Institutional interest is rising, with BlackRock leading a surge in ETF holdings, accumulating 124,000 BTC over the past 87 days, which could represent 9.25% of the market by September [4] Group 3: Government Influence and Market Sentiment - Reports suggest that former President Trump is proposing a federal "strategic BCT reserve," funded by criminal forfeiture, which has sparked market reactions [6] - The implied volatility index for BCT has surged by 15%, with a 40% increase in call options betting on a price breakout to 120,000 USD (approximately 874,000 RMB) within a month [7] Group 4: Broader Market Trends - Ethereum (ETH) is showing strong performance, with a price of 2,500.15 USD and a 24-hour increase of 2.58%, indicating a potential shift towards altcoins as BCT prepares for a breakout [7] - The ETH/BTC exchange rate is forming higher lows, suggesting upward momentum, while Ethereum's network activity has surged, with Gas fees increasing by 130% and active addresses reaching a peak for 2023 [7] Group 5: Support and Resistance Levels - Analysts have identified a critical support zone for BCT between 94,000-97,900 USD (approximately 684,000-713,000 RMB), which includes key moving averages [8] - The current market sentiment is characterized by greed, with a fear and greed index reading of 74, indicating bullish sentiment [10]