$BTC

As of May 3, 2025, Bitcoin ($BTC) has experienced significant price fluctuations recently, influenced by multiple macro and market factors. Standard Chartered Bank noted that Bitcoin, as a tool for hedging tariff risks, may rebound to the $84,000 level in the short term, but currently affected by Trump's trade policies, the price briefly fell below $74,500, hitting a five-month low. In terms of market structure, the miner cost range ($60,000–$65,000) constitutes a key support, while around $87,000 forms a strong resistance level, which has been breached multiple times unsuccessfully.

Regarding institutional movements, spot ETFs continue to attract capital inflows (for example, BlackRock's IBIT fund has reached $53.77 billion), combined with long-term holdings by companies like MicroStrategy (with an unrealized gain of about $3.9 billion), which supports market confidence. However, the delay in Bitcoin investment legislation in some U.S. states and cooling expectations for Fed interest rate cuts have exacerbated short-term selling pressure. On-chain data shows that there is a cluster of 50,000 BTC holding cost around $74,000, which may slow down the decline, but if it falls below $69,000, it could trigger larger liquidations. In the long term, analysts predict that by mid-2025, it may break through $200,000, mainly due to increased institutional holdings (such as El Salvador's national reserves) and a strengthening of sovereign narratives.