$BTC Bitcoin's sharp decline is usually triggered by black swan events (such as hacking attacks, exchange bankruptcies) or policy shocks (such as China's ban on trading, aggressive interest rate hikes by the Federal Reserve). For example, in April 2025, it fell nearly 10% in a single day due to Trump's tariff policies. The surge, on the other hand, relies on macroeconomic benefits (the Federal Reserve's rate cuts releasing liquidity), institutional entry (BlackRock ETF increasing holdings), and policy support (the U.S. state reserve bill). For instance, in May 2025, the People's Bank of China cut interest rates by 1%, which directly propelled Bitcoin's rise. The current market needs to be wary of the potential selling pressure risk from MicroStrategy's holding of 550,000 BTC.