Bitcoin price has strongly broken through $118,000, continuing to set a new all-time high (ATH). Unlike the last time, this round of rise is supported by strong institutional capital (for example, South Korea's K Wave Media announced a $1 billion asset allocation plan to purchase 88 BTC). Key on-chain indicators show extremely low selling pressure: the daily inflow to exchanges has dropped to 32,000 BTC (the lowest since 2015), far below the 97,000 BTC during the $100,000 breakout on December 10, 2024, indicating that whales and retail investors are reluctant to sell. From a technical perspective, IOMAP data reveals key support ranges ($108,795 - $110,624, with 645,000 addresses holding 477,000 BTC), but the RSI bearish divergence suggests there may be short-term pullback risks (not yet in the overbought zone). Based on Fibonacci extension levels, the upward targets are $116,857 (0.5), $121,274 (0.618), and $135,576 (1.0). Overall, the structural selling pressure has weakened, reducing the likelihood of a repeat of the big dump to $98,000 in May.