Bitcoin nearly broke through to $106,000 today, but there is no clear reason showing why $BTC can rise so happily. Looking at the detailed data on TradingView, BTC's rise started at 9:37 PM Beijing time.

This time coincided with the speech by the 79th U.S. Secretary of the Treasury, Besant. Of course, some may say this is a forced angle, but at least this is the closest reason I found for the rise.

So what did Besant say that drove the rise of Bitcoin?

The main point was the information about U.S. debt and GDP. As we all know, after Friday's close, Moody's downgraded the U.S. credit rating. This caused all three major rating agencies to downgrade the U.S. from Aaa to Aa1, which is a blow to confidence in U.S. bonds, and the main reason for the downgrades was indeed the "U.S. debt."

Therefore, Besant had to come out during the holiday to boost the market, especially since the U.S. stock and bond markets would open on Monday. First, Besant talked about the GDP issue, believing that the U.S. economy is developing very well, and with the resolution of tariff issues, the GDP growth rate will exceed the debt growth rate. In simple terms, the U.S. will not fall into a debt crisis.

The key point is that Besant stated that the goal of U.S. stocks is not to decouple from China, but to open markets and restore balance. The U.S. will continue trade with China, especially in non-strategic goods, and at lower tariff levels. Meanwhile, efforts will be made to bring back key industries such as pharmaceuticals, semiconductors, and steel to protect U.S. national security interests.

He also emphasized that Trump's grand plan could alleviate the burdens on working families and businesses, promoting economic growth. He believes that tax cuts would lead to deflation, thereby combating inflation and restoring the U.S.'s energy dominance.

He announced that Trump secured $2 trillion in investment commitments in the Middle East, which will drive U.S. jobs, innovation, and long-term growth. Of course, there are subsequent issues like illegal immigration, but their relation to the economy is becoming less significant. At this point in the discussion, it should be the high point of $BTC's rise because the market indeed hopes to believe that Trump can govern the U.S. better.

If I’m not mistaken, this is the main reason Bitcoin is able to rise, almost stemming from investors' trust in the Trump administration rather than from BTC's own narrative. More importantly, the U.S. stock market is currently closed, liquidity is not very good, and the trading volume compared to a traditional weekend hasn’t significantly increased.

Of course, I’m not saying BTC will drop next, but BTC's fluctuations will still be closely aligned with the U.S. economy, politics, tariffs, monetary policy, etc. The current rise may not truly represent a very good outcome in the short term. Of course, I could be wrong; this is not a reason for trading.

Currently, BTC is still event-driven.

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