The global market is undergoing a subtle emotional recovery!

U.S. stocks are stable before the opening, and the anxiety of risk assets over tariff negotiations is gradually dissipating, but undercurrents are still surging. Gold remains restrained, while the long bond market is experiencing a wave of concentrated selling. U.S. Treasury yields have responded by rising, and a game of expectations regarding interest rates is quietly unfolding.

European analysts are sounding the alarm: traders betting on TACO may be disappointed. Trump's obsession with tariffs exceeds market expectations, and this 'tariff barrier' may become a hedge for the fiscal deficit of the 'Big and Beautiful Act.' Although the current debt market crisis has not yet approached a critical point, the wave of long bond selling has exposed market concerns about fiscal sustainability.

It is worth noting that risk assets are迎来 a short-term breathing window. Although the fiscal deficit and debt market pressures are like the Sword of Damocles, the market is currently more willing to believe that before a real crisis strikes, there is still room for a rebound. This consensus of 'dancing on the edge of a knife' is driving funds to temporarily flow back into risk assets.

Shifting focus to the crypto market, Bitcoin is brewing a breakthrough momentum. The intraday price has already digested the positive sentiment of recovery in advance, but whether it can set a new high still needs to observe the performance of U.S. stocks. If U.S. stocks show weak rebound strength tonight, the momentum for BTC to follow suit may be limited. This linkage game between traditional markets and the crypto market is testing investors' sensitivity.

The market is always swaying between greed and fear. When the fog of tariff negotiations clears, and the ripples of long bond selling spread, the real trend will eventually emerge.

Do you think Bitcoin can break through its previous high this time? Will the U.S. stock rebound exceed expectations?

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