$BTC On Thursday morning, Bitcoin's trading price in New York was about $99,700, up from about $94,000 a week ago.

Even amid trade tensions, signs of optimism are emerging— including Federal Reserve policy, corporate Bitcoin purchases, and sanctions evasion as geopolitical conflicts intensify.

So, what is the real reason behind this recent rebound? Experts have their say.

Jeffrey Kendrick, Standard Chartered Bank

"The dominant narrative around Bitcoin has changed once again," wrote Jeffrey Kendrick, head of digital asset research at Standard Chartered Bank, in a memo on Thursday.

First, Kendrick noted that Bitcoin was once seen as a risk asset— then, following U.S. President Donald Trump's tariff policies, it became a way to flee U.S. assets. That tune has changed.

"Now everything is about liquidity, and liquidity comes in many forms."

Kendrick pointed out the main drivers of this liquidity, including U.S. spot exchange-traded funds, which have attracted $3.5 billion over the past three weeks, and strategic acquisitions of Bitcoin.

"I apologize if my $120,000 target for the second quarter might be too low," Kendrick wrote.