Bitcoin (BTC) has been on a continuous rise recently, with prices breaking through $120,000, and stablecoin reserves on the exchange hitting a new low, indicating strong market demand. However, despite the price increase, volume and trend strength show signs of weakness, leading to potential adjustment risks in the market. The surge in NVT and NVM ratios suggests overvaluation, and miners reducing their selling also implies the market may be in anticipation of a long-term rise. Although long positions are dominant in the short term, if market liquidity and trend momentum cannot recover, BTC may enter a consolidation phase. The next few days will be crucial in determining whether Bitcoin can continue its rise or face a pullback, and traders should remain cautious, focusing on market participation and technical changes.