According to CoinMeta, on-chain analysts point out that the price of Bitcoin has broken through the 200-day SMA, breaking a pattern of fluctuation that lasted for several quarters. However, this bullish technical signal faces resistance from previous high points, and if trading volume does not increase significantly, the sustainability of the trend is in doubt. Institutions suggest that in the short term, the battle between bulls and bears will intensify, and investors need to be wary of the risk of a pullback from these high levels.