Bitcoin breaks through $70,000, is the bull market restarting or is it a short-term bubble?
Recently, Bitcoin has strongly broken through the $70,000 mark, setting a new high for 2024, and market sentiment is soaring. Institutions continue to increase their holdings, expectations of interest rate cuts by the Federal Reserve, and inflows into Bitcoin spot ETFs are collectively driving the rise. However, some analysts warn that there are clear short-term overbought signals, and a pullback may occur. Historical data shows that Bitcoin typically experiences volatility after a halving, and then enters a main bullish wave. Investors need to pay attention to macroeconomic data and on-chain indicators to avoid blindly chasing highs. In the long term, Bitcoin is still considered 'digital gold', but short-term volatility risks cannot be ignored.