Bitcoin (BTC) is currently quoted at $109,370.60, a slight decrease of 0.65% over the past 24 hours, indicating a minor pullback. This price movement reflects the complex situation in the current cryptocurrency marketplace.

Recently, after experiencing a certain degree of rise, BTC has entered a short-term consolidation phase. There has been some selling pressure, but the decline has been relatively mild, suggesting that the market still maintains some support for BTC. At the current price level, both long and short positions are engaged in intense competition.

For short-term traders, the support level around $108,000 is worth following. If the price dips to this level and shows signs of a rebound, small-scale long positions could be considered. However, if the price clearly breaks below $108,000, it is advisable to quickly cut losses and exit. On the other hand, $110,500 may serve as a key resistance level above. If the price rebounds to this point and encounters resistance, short positions could be considered.

Long-term investors need to evaluate the market environment more comprehensively. Key factors include the direction of The Federal Reserve's monetary policy, global financial market risk appetite, and major news in the cryptocurrency industry, such as institutional holdings changes and regulatory policy adjustments. It is worth noting that Bitcoin's long-term value proposition has not fundamentally changed. Therefore, for investors who can tolerate short-term fluctuations, gradually building positions during price pullbacks might be a strategy worth considering.

Regardless of the investment approach, maintaining caution and rationality in the highly volatile cryptocurrency marketplace is crucial. Keep a close eye on market dynamics and adjust strategies promptly to seize opportunities in this market full of both risks and rewards.