$BTC Bitcoin (BTC), as the leader of the crypto market, carries both high risks and high volatility. In the short term, it is dominated by Federal Reserve policies, institutional capital flows, and market sentiment. If macro liquidity improves (such as through interest rate cuts), it may drive a rebound. Long-term value depends on global regulatory progress, institutional adoption, and technological upgrades (such as Layer 2 scaling). However, its speculative nature remains strong, and caution is needed for black swan events (such as exchange collapses or regulatory crackdowns). Investors should manage their positions carefully and view its dual nature as 'digital gold' and a risk asset rationally.