Short-term Catalyst
The Spillover Effect of Nvidia's Earnings Report: If the earnings report released on May 28 exceeds expectations, it may boost tech stocks and lift the overall sentiment of risk assets, with Bitcoin potentially challenging the resistance level of $112,000.
Technical 'Cup and Handle' Pattern: After a daily level retracement to the support level of $105,000, if it stabilizes above $110,000, a classic cup and handle pattern will form, with a theoretical target pointing to $120,000.
Medium to Long-term Narrative
Safe-Haven Demand Amid Global Debt Crisis: The US federal debt has surpassed $36 trillion, and a wave of Japanese government bond selling has triggered global liquidity shocks, highlighting Bitcoin's value as a non-sovereign credit asset.
Reconstruction of Regulatory Paradigms: The SEC's tacit approval of spot ETFs and competition from central bank digital currencies (CBDCs) may accelerate Bitcoin's integration into the mainstream financial system.
