From the market perspective, Bitcoin's current rebound has failed to break through the previous high, and the trading volume continues to shrink, indicating a lack of upward momentum. Against the backdrop of increasing macroeconomic uncertainty, the market is reassessing its support logic. As the enthusiasm for the halving narrative wanes, the volatility transmission effects from traditional financial markets are beginning to emerge.

Bitcoin is currently in a critical support testing phase. If there are unexpected outcomes from the U.S. Treasury auction, or if the Federal Reserve releases unexpectedly hawkish signals, the price may retest the $93,000 range to seek support. However, the market has reached a consensus on 'high interest rates lasting longer,' and unless there are black swan events such as a surge in winning bid rates, the short-term risk of a sharp decline is relatively controllable. #加密市场回调