Currently, $BTC is still within the support area of $93,000 to $98,000. Almost all of the declines in March and April were due to Trump's tariff policies. Now, with the anticipated impact of the tariffs diminished, the effects of the tariffs have been eliminated, which also indicates that Bitcoin's resilience is higher than that of the US stock market.

From the chart, it can be seen that BTC has returned to the price around February 25, while the gap with the S&P 500 is still significant. If the US stock market continues to recover, BTC may continue to rebound. Yes, I still believe this rebound is based on macroeconomic recovery rather than a complete reversal.

A reversal will still have to wait for the recovery of liquidity, especially as can be seen from the trading volume. Even though BTC's price is rising, the trading volume remains low, and the upward movement has not brought about a significant increase in volume. In this case, if negative news appears, it will still be relatively weak.