Bitcoin 70K—Reversal or Short-term Rebound?

This is undoubtedly the most critical point of disagreement right now. I personally lean towards this being the start of a "medium-term reversal," but the process will be full of twists and turns.

There are three reasons:

· Macro Environment: The strong earnings of Nvidia and Circle are not just isolated cases; they reflect that AI and stablecoins—two areas closely related to the crypto market—are still experiencing high levels of activity, bringing external capital and application imagination.
· Halving Expectations: Less than 50 days until Bitcoin's halving. Historically, the one or two months before halving are usually periods of price discovery and strength. Once the 70K psychological barrier is effectively broken and stabilized, it is likely to attract FOMO capital into the market.
· Structural Changes: The approval of spot ETFs has fundamentally changed Bitcoin's supply and demand structure. Every deep correction has proven to be an opportunity for traditional institutions to buy in through ETFs. This rebound is very likely a natural rally after institutions used the previous negative news to accumulate positions.

Therefore, I don't think this is just a short-term "dead cat bounce," but rather a tentative move toward a new upward trend. #加密市场反弹