Recently, this wave of market activity is indeed quite interesting. It doesn't seem like pure speculation, but problems and risks are also accumulating in the shadows. Let's discuss the deeper logic.

Have you noticed two particularly significant signals?

First, the "silence period" is about to end. Data agencies indicate that last week, Bitcoin's implied volatility dropped to 40%, the lowest since October of last year. Whenever volatility is this low, it's often the night before a major move. It now appears to be confirming that.

Second, Bitcoin is starting to "diverge" from gold. This week, I focused on the data, and the 52-week correlation has almost dropped to zero, and may even turn negative. Every time this happens in the past, Bitcoin has averaged over 50% gains in the following two months. This suggests that funds are reallocating between these two asset classes.

But there are hidden risks. The U.S. Senate is about to review the "Crypto Market Structure Act." On one hand, this provides regulatory clarity for the industry, which is a long-term positive. On the other hand, some clauses in the draft are quite sensitive, potentially giving the Treasury Department the power to freeze transactions without a court order. This is a double-edged sword—how it will be implemented requires constant attention.

Looking ahead, I will focus on these areas:

Bitcoin's core support levels are between $92,000 and $94,000. Whether it can hold steady here directly affects whether it can continue to push higher in the short term. There are also many other key price levels that need to be verified one by one.

Overall, the market is indeed moving in a relatively healthy manner, but don't be blinded by good news. The market always involves both opportunities and risks.