I feel that the pump of $BTC is still backed by funds from gold switching tracks. After gold peaked on April 7, it started to decline, while Bitcoin surged directly from 75,000 to 124,000. I have mentioned before that after interest rate cuts, funds first go into gold as an anti-inflation asset, and only then do they transfer to the risk market, which is the Crypto Assets market.

Gold is now close to 3900 USD, and it is estimated that no one wants to take over in the short term, so funds will naturally seek new places to go. In the global market, there are basically only BTC left that can absorb such a large amount of funds without being inflated in advance.
So this wave of market conditions can also be considered as a preliminary realization of this fund switching from the trend.