$BTC Bitcoin (BTC) major trading pairs such as BTC/USDT and BTC/USD have recently shown high volatility due to multiple factors. In May 2024, affected by the SEC's delay in approving the spot Bitcoin ETF and the lawsuit against Coinbase, the BTC price briefly fell below $60,000. However, it later rebounded to around $68,000 due to BlackRock's iShares Bitcoin Trust application being expedited, with daily trading volume exceeding $30 billion. The futures market's open interest reached 2 million contracts, setting a historical high, indicating a rise in speculative sentiment. Currently, mainstream platforms have sufficient liquidity for BTC/USDT, but the leverage in the derivatives market has climbed to over 3 times, exacerbating short-term volatility risks. Analysts point out that the approaching halving cycle and potential inflows from a spot ETF may support long-term trends, but SEC regulatory pressures, the aftermath of exchange collapses (such as FTX's derivative lawsuit), and global central bank interest rate hike expectations still keep the market under pressure, with short-term fluctuations likely to continue.