Below is the analysis of Bitcoin (BTC):

Market Performance

On April 23, 2025, Bitcoin's price continued to rise strongly, breaking through $94,000, setting a new historical record. From market data, on April 27, Bitcoin's price increased by 11.40%, but recent overall market trading volume has declined, indicating that there is still a wait-and-see sentiment in the market.

Price Drivers

• Macroeconomic Level: Changes in the global economic landscape, adjustments in monetary policy by central banks in various countries, and an increase in demand for safe-haven assets have led Bitcoin to be regarded as an effective hedging tool due to its decentralization and scarcity. At the same time, the clarification of digital currency regulatory policies in some countries has strengthened investor confidence.

• Technical Level: Bitcoin has successfully broken through long-term key resistance levels and is positioned above important technical support lines, indicating that there is still potential for price increases in the future. Additionally, the continuous growth of Bitcoin's network hash rate provides a solid guarantee for its security.

• Market Sentiment Level: Discussions about Bitcoin on social media and financial forums have been heating up, with investor expectations spreading, forming a collective market force driving price increases.

• Institutional Investment Level: The launch of Bitcoin ETFs has provided a convenient and compliant investment channel for traditional financial institutions and investors, with many well-known institutions entering the market, bringing in significant capital inflows, enhancing Bitcoin's market recognition and liquidity.

Token Economic Model

The maximum supply of Bitcoin is 21 million coins, which cannot be changed, exhibiting strong anti-inflation characteristics. Approximately every four years, there is a halving event, after which the block rewards for miners are reduced by half, promoting Bitcoin's deflationary nature.

Risk Factors

• Regulatory Risk: The legal status of Bitcoin varies globally; countries like the United States and the European Union allow it as a legal investment asset, while in some countries (such as China), Bitcoin trading is strictly restricted, making the regulatory environment complex.

• Price Volatility Risk: Bitcoin's price is highly volatile; for instance, it surged significantly during the 2020-2021 bull market and then entered a consolidation phase. This high volatility may expose investors to substantial asset loss risks.

The above content is compiled from public information and does not constitute investment advice.