According to online reports, 10x Research issued an article saying that against the background of rising oil prices, strong U.S. bond yields, differentiated employment data and the Federal Reserve's prudent stance, Bitcoin's macro fundamentals are quietly strengthening. As some altcoins (such as ADA, DOT) treasury funds may shift to Bitcoin and key changes in the credit environment, the market is preparing for a potential trend reversal. Bitcoin has fluctuated around US$106,000 in the past month, with the volatility remaining at ±4%. The longer the consolidation time, the greater the possibility of a breakthrough. Although Federal Reserve Chairman Powell is expected to maintain a neutral attitude at this week's FOMC meeting and the upside risk to the 10-year U.S. bond yield still exists, on-chain indicators still support the current price. As long as it remains above US$100,437, there is limited room for correction. Geo risks weaken, summer seasonal factors may keep bitcoin in the short term, but a shift in medium and long-term macro signals lays the foundation for potential gains during the year.