The US stock market has surged significantly in recent days, but BTC has not followed suit, remaining stagnant around 103,000 USD. So, can BTC continue to rise?

Currently, market liquidity is insufficient, with funds primarily focused on trading in the US stock market. Because of this lack of liquidity, it is not enough to support a simultaneous rise in BTC and ETH; often one rises while the other remains flat, or even one remains flat while the other falls. This can also be observed from the recent spot ETF data, where the ETF buying volume has been cut in half over the past two weeks. If both BTC and the US stock market are at low levels, investors in the US will definitely prioritize bottom-fishing in the stock market before considering ETFs or cryptocurrencies.

The US stock market has now reached a critical position near its previous peak. If the stock market continues to rise back to the highs during Trump's presidency, then BTC could rise to 105,000-106,000 USD, or even higher. But the premise is that Trump should try not to stir up trouble again.

Finally, from the on-chain data, BTC reserves on exchanges are still flowing out, indicating that many large investors who have bought are still transferring to their cold wallets and remain optimistic about the trend, not to mention they are in a hurry to sell.