The market crash at the beginning of April was originally a result of pent-up momentum, but it was accelerated downward by tariffs that triggered a rush to safety, dipping as low as around 74,000. With the suspension of tariffs, Bitcoin has experienced a significant surge, with an increase of over 20,000 points, all within about two weeks. To be honest, the extent of this rise far exceeded expectations.

This surge was mainly driven by Trump and institutional investors. At this stage, institutions are still aggressively buying to boost Bitcoin. Once institutions exit or if there is news related to tariffs, Bitcoin is bound to experience a sharp drop. After all, this surge did not have much of a correction, and the technical indicators show a divergence pattern while once again being in a high-level adjustment.

As the May Day holiday approaches, Bitcoin's market enters a phase of narrow fluctuations at a high level. What you think is a pullback quickly rises up; what you think is a breakdown turns out to be under pressure and falls back. At this stage, we are looking at the adjustment in the 93,000 to 95,700 range, and the strategy can remain to sell high and buy low.