$BTC Bitcoin price trend is strong. Since mid-April, with the United States announcing temporary tariff exemptions on certain goods and U.S. Treasury yields receding, the narrative of Bitcoin as an 'anti-inflation' asset has resumed, leading to a rapid price rebound that surpassed $90,000 on April 22.

From a technical perspective, Bitcoin broke through the 200-day moving average and formed a 'golden cross,' with short-term support rising to $90,000 and resistance concentrated around $94,000.

Institutional funds have been flowing in through ETFs, with a net inflow of $912 million on April 22 alone. Institutions like BlackRock have expanded their holdings, indicating an increase in long-term allocation demand. Additionally, the states of Alabama and Minnesota in the U.S. are advancing legislation to make Bitcoin a state reserve asset, further consolidating its status as 'digital gold' and boosting market sentiment to some extent.

On the macroeconomic front, the market expects the Federal Reserve to cut interest rates by 25 basis points in June, which has a certain uplifting effect on risk assets including Bitcoin. Politically, adjustments to Trump's tariff policy have had a significant impact on Bitcoin prices. At the beginning of April, Trump signed an executive order to impose tariffs, causing Bitcoin to plunge and briefly fall below $74,000; however, subsequent measures such as tariff exemptions propelled the rebound in Bitcoin prices.

The Bitcoin market still faces multiple uncertainties. The variability of Trump's policies could trigger a new round of volatility. Furthermore, Bitcoin mining difficulty has reached new highs, and the cost pressure on miners may support prices, but high-leverage trading (with total network contract positions exceeding $50 billion) may still amplify the risk of a correction.