Yesterday, the market continued to gain momentum, with BTC almost breaking the $120,000 mark. The brothers in the car must be laughing with joy. However, on the other hand, 200,000 people were liquidated in just one day. One can only say that the cruelty of the crypto market is never absent; to re-enter the market, one must gather a wave of 'fuel'.
Interestingly, regarding policy direction, it was previously said that cryptocurrencies are 'bad things', leading to the shutdown of exchanges and a ban on mining; now they suddenly mention the 'blockchain revolution'. Yesterday, the Shanghai Municipal State-owned Assets Supervision and Administration Commission even held a special study meeting on cryptocurrency trends. It seems that as major countries around the world gradually release encouraging signals, we can’t sit still either—boldly predicting that in the next five years, there might be state-led exchanges emerging domestically.
Now, talking about BTC itself, the logic behind the current rise is truly different from before. Previously, retail investors clustered together; it was not uncommon for prices to drop 50% during a bear market. Now, institutional funds have become the main force, with stable demand, increasingly resembling gold—having the characteristics of a safe-haven asset while also being able to surge with market risk appetite; this buff stacks up nicely.
The external environment is also supportive. Trump's tariff threats? The market directly chooses to selectively ignore [smirk]. Risk appetite is warming up, Nvidia's market value has exceeded $4 trillion, driving the three major U.S. stock indices higher collectively, with the S&P and Nasdaq hitting new highs, and the Dow Jones is just a breath away from its historical peak.
In the short term, BTC may consolidate for a few days, but a breakout is likely just a matter of time. In the end, it's still that old saying: hold onto your coins, don’t mess around with contracts and fumble about; patience is the way to go.
