Why has the Bitcoin rally stopped? What does the price increase require?

Affected by various factors such as the trade war between the U.S. and China initiated by President Trump and economic uncertainty, the price of Bitcoin has dropped significantly, falling to a level of $74,000 in early April.

However, BTC has seen a substantial rebound since then, rising by 25% in nearly a month.

Due to a recent slowdown in this upward momentum, Markus Thielen, founder of 10X Research, assessed the latest situation of Bitcoin.

Thielen noted that Bitcoin rose 25% last month driven by a large influx of ETFs and institutional spot purchases, while emerging signals such as the decline in Coinbase premiums and weak financing rates indicate that this momentum is weakening.

Thielen stated, "As the market awaits new catalysts, the Bitcoin rally is showing signs of fatigue."

"Although the skew in the options market (reflecting the implied volatility difference between call and put options) suggests further upside potential, increasing macroeconomic uncertainty and pressure are affecting investor sentiment.

This includes the Federal Reserve's neutral policy stance ahead of the May 7 meeting, heightened market volatility, and growing concerns over tariffs."

According to analysts, as investors wait for new market catalysts, BTC is in a consolidation phase around $95,000.

The analyst concluded that now is not the time to take blind risks in Bitcoin, but rather to take strategic actions to address clear risks.