Bitcoin has recently set a new historical high, reaching a price near 123,200 USD. However, the driving force behind this rise is worth exploring in depth.

The current price rise is not solely driven by market sentiment, but is influenced by multiple factors, including the entry of institutional investors, changes in the policy environment, and expectations of interest rate cuts. This complex backdrop means that the current rise lacks a solid foundation, and investors need to be wary of potential significant corrections.

From a technical perspective, the 4-hour chart shows a continuous bullish trend, indicating strong buying power. However, it is worth noting that the KDJ indicator has started to present a converging death cross pattern at high levels, while the hourly chart shows a series of long upper shadows. These technical indicators suggest that upward pressure is increasing in the short term, and the market may need to undergo a technical adjustment.

Based on the current market conditions, investors may consider adopting a cautious short-selling strategy in the range of 112000 to 112500, with a target price set around 110000. However, given the high volatility of the cryptocurrency market, investors should strictly control risks, set reasonable stop-loss levels, and continuously monitor market dynamics to adjust their strategies.

In addition, long-term investors may need to pay attention to the fundamental developments of Bitcoin, including network upgrades, the level of institutional adoption, and global macroeconomic factors, all of which could have a significant impact on the long-term trend of Bitcoin.