Bitcoin has recently been oscillating around $92,000. Fluctuations in the US-EU trade situation have triggered a wave of buy orders from bottom-fishers. Interestingly, despite the significant market liquidations, the continuous net inflow into ETFs has become a lifeline for the price—institutions are still quite willing to buy at the bottom. However, there are also many risks: geopolitical tensions are intensifying, regulatory authorities are dragging their feet, and the Supreme Court is about to make a major ruling on tariffs. All these factors add uncertainty to the future market trend. In the short term, whether the $92K level can hold mainly depends on institutional attitudes and the movement of major commodities.