On May 21st, according to QCP Capital analysis, Bitcoin attempted to break through the $108,000 price level today but was unsuccessful, mainly due to a lack of sustained buying momentum. The current price trend is closely related to the buying behavior of the two major institutions, Strategy and Metaplanet, which are still the main buyers at the current price level.

The analysis pointed out that the market is concerned that these institutions may be the last marginal buyers, especially as Bitcoin approaches its historical highs. If these institutions reduce their buying power, it could trigger profit-taking by other market participants and potentially reverse the current uptrend.

QCP Capital stated that despite facing adverse factors such as rising bond yields, escalating tariffs, and risks of U.S. economic stagnation, Bitcoin has shown strong resilience over the past month. If it breaks through to new highs, it could trigger a new round of chasing gains and attract off-exchange funds.