The recent rise of Bitcoin is the result of multiple factors resonating together. On a macro level, the market's expectation of a rate cut by the Federal Reserve in September has almost become a foregone conclusion, and with the dollar expected to weaken, the nominal valuation of global risk assets has increased. On the policy front, the Trump administration has created a favorable environment for cryptocurrencies, with his signing of an executive order requiring the U.S. Department of Labor to explore allowing 401(k) pension plans to invest in cryptocurrencies, opening up policy space for long-term capital entry. In terms of funding, institutional buying has continued to pour in, with listed companies and some large asset reserve enterprises continuously increasing their holdings of digital assets on a large scale, driving steady growth in demand. At the same time, the U.S. spot Bitcoin ETF continues to attract institutional capital inflows. On a technical level, after Bitcoin broke through key resistance levels, it formed bullish signals and has established a solid consolidation platform that effectively absorbed pressure.

However, the future trend of Bitcoin still carries uncertainty. In the short term, the technical indicators have entered a historically high range, and short-term capital may take profits, triggering a phase of adjustment. In the medium to long term, its trend will depend on core variables such as macro liquidity expectations and the sustainability of institutional buying.

#CryptoCircle##Blockchain#加密市场回调