The Bitcoin market has once again seen a pump, sparking speculation among investors about future trends. Currently, the focus of the market is whether this rise indicates that the adjustment has ended or if it could be a bull trap.

Analysis shows that if the Bitcoin price falls below $108,000 again this week, it is likely to confirm that this rise is indeed a bull trap. Conversely, if the price can stay above this level, the upward trend may continue. However, the resistance level around $110,800 remains a key obstacle. Breaking through this level will open up space for further rises, but currently, it seems more likely that the price will encounter resistance and fall back. This could lead to a larger adjustment, potentially even filling the gap in Bitcoin CME futures around $104,000.

Recently, the American party promised by Musk has indicated that it will be friendly towards Bitcoin, which has somewhat boosted market sentiment. However, generally speaking, unless there is significant positive or negative news, the impact of a single event on the market is often limited.

In terms of support levels, $108,600 is an important threshold. If this level is effectively broken, the next support level will be $108,100. Although the decline seems small, if the price falls to this point, it may indicate that this round of pump is indeed a bull trap.

Overall, the market faces two possibilities: either break through resistance and continue to rise, or fall below $108,600, triggering a risk alert. In the short term, $109,700 is an important resistance level, and if it can be effectively broken, the next target range will be $110,500 to $110,800. Investors should closely follow these key price levels to determine the next direction of the market.