As of April 29, 2025, Bitcoin is exhibiting a volatile yet strong trend, with prices fluctuating narrowly around $95,000, showing a slight increase of 0.5% over the past 24 hours. However, influenced by multiple factors, the market remains cautious.

**Macroeconomic Perspective**: Weak U.S. economic data poses short-term pressure: the Dallas Fed manufacturing index plummeted to -35.8, reaching a new low since May 2020, reflecting the impact of Trump's tariff policies on the real economy. Coupled with geopolitical tensions between India and Pakistan, market risk aversion has increased.

**Market Performance**: Bitcoin demonstrates resilience in diverging from traditional assets. Despite the S&P 500 having adjusted down by 3.66% over the past month, Bitcoin has seen a monthly increase of 8.31%, indicating that some of its safe-haven attributes have been activated, particularly attracting capital inflows in a high-volatility environment. On the technical front, Bitcoin has stabilized above the 21-week moving average and the $87,045 Fibonacci retracement level, with a medium-term target pointing towards the range of $103,000 to $108,000, but it needs to break through the whale selling pressure zone between $94,000 and $99,000 (approximately 1.76 million BTC).

**Risk Factors**: High-leverage trading during periods of low market liquidity exacerbates volatility, with over 130,000 liquidations in the past 24 hours, totaling $343 million, reflecting that short-term speculative risks remain. Additionally, the Fed's policy dilemmas and tariff uncertainties may continue to disrupt market sentiment.

In summary, Bitcoin may maintain a volatile stance in the short term, but in the long term, it is supported by institutional accumulation (such as a $3 billion inflow into spot ETFs in a single week) and an anti-inflation narrative, still possessing upside potential after a technical correction. Attention should be paid to policy turning points and breakthroughs in key technical levels.