From the market observation, Bitcoin's current rebound has consistently failed to break through its previous high, and the trading volume continues to shrink, revealing insufficient upward momentum.

In the context of increasing macroeconomic uncertainty, the market is reassessing its support logic: as the enthusiasm for the 'halving narrative' wanes, the volatility transmission effects from traditional financial markets are beginning to manifest.

Technical analysis indicates that Bitcoin is currently in a critical support testing phase. If there are unexpected results from the U.S. Treasury auction or if the Federal Reserve releases unexpectedly hawkish signals, the price may retest the $93,000 range in search of support.

However, it should be noted that the market has formed a consensus on 'high interest rates lasting longer'. Unless there are black swan events such as a sudden spike in bidding rates, the risk of a short-term collapse is relatively controllable.