Today's rebound in the cryptocurrency market is mainly driven by the dual forces of the Fed's policy shift and the weakening of the US dollar index. Bitcoin has broken through the key resistance level of $87,000, forming a bullish pattern technically, and maintains an upward trend despite the RSI overbought signal. Fed Chairman Powell has acknowledged the mainstream status of cryptocurrencies for the first time, announcing the easing of restrictions on banks' participation in digital asset trading, which directly boosts market confidence and accelerates institutional capital inflow.

On the macro level, the US dollar index has fallen below 99, hitting a three-year low. Coupled with a sharp drop in US GDP growth to 0.8% in the first quarter and inflation rebounding to 4.5%, stagflation pressures are prompting capital to accelerate its shift toward safe-haven assets like Bitcoin. On-chain data shows that the selling pressure from long-term Bitcoin holders has dropped to a historical low of 1.1%, indicating a concentration of market chips, while new capital entering the market pushes prices beyond key psychological levels.

It is worth noting that the Trump administration has raised US-China tariffs to 125%, exacerbating expectations for a depreciation of the dollar and further reinforcing Bitcoin's narrative as 'digital gold.' Technically, Bitcoin triggered the 'Power of 3' model after breaking through $86,000, with a theoretical target pointing to $140,000, but caution is warranted regarding the short-term pullback risk that may arise from the RSI overbought condition. Overall, the easing of policies and macroeconomic pressures together form the core logic of this rebound, and the market may continue its oscillating upward trend in the short term. #加密市场反弹