The recent volatility of 36,764,863,447 BTC reflects multiple market dynamics: fluctuating expectations of a Federal Reserve interest rate cut lead to oscillating liquidity expectations, while geopolitical risks in the Middle East increase demand for safe-haven assets, and net outflows from Bitcoin ETFs in the US trigger short-term selling pressure. From a technical perspective, $60,000 has become a key psychological support level; if breached, it may trigger a wave of leveraged liquidations. However, the reconstruction of supply and demand post-April halving, rising institutional allocation needs, and the global monetary easing cycle still constitute long-term value support. The current market is in a transition period between old and new narratives, with the acceleration of compliance processes coexisting with regulatory risks. In the short term, caution is needed regarding high leverage risks, but in the long term, it will still benefit from the dual attributes of digital gold and technology assets.