The recent trend of Bitcoin (BTC) has once again become the focus of the market, with its price fluctuations reflecting the complexity of the macro environment and highlighting the unique attributes of crypto assets. Expectations of a shift in Federal Reserve policy, geopolitical risks, and the continued entry of institutional investors have collectively shaped BTC's short-term market behavior. As digital gold, Bitcoin's anti-inflation narrative has been repeatedly validated amidst changes in USD liquidity, yet its high volatility still makes it difficult to escape its speculative nature. The approval of ETFs and the intervention of traditional financial instruments are driving BTC toward mainstream acceptance, but regulatory uncertainties (such as the SEC's scrutiny of exchanges) remain a potential risk. In the long run, whether Bitcoin can transcend cycles depends on its ability to achieve breakthroughs in payment, value storage, and technological applications, rather than merely relying on market sentiment. The current price level may provide an observation window: as traditional markets increasingly intertwine with the crypto world, each rise and fall of BTC will reflect the collision of old and new financial systems.