What can we say about Bitcoin's performance today? It's been bouncing back and forth at high levels. The price is stuck around $93,000, with no clear direction, and instead seems somewhat hesitant. The entire crypto market cap now stands at $3.13 trillion, a slight increase from yesterday (+0.13%), but this gain is hardly worth mentioning.

Where does the pressure come from? The tariff disputes between the US and Europe continue to cause tension, exerting obvious short-term downward pressure on the market. More troubling is that the market's expectations for a Fed rate cut have been pushed back, and this shift in expectations could have long-term negative effects on the entire cycle.

But there are also some bright spots—recently, spot ETFs have attracted $1.2 billion in funds, indicating that institutional investors are positioning based on price. Although market sentiment remains neutral to cautious, with bulls and bears fighting fiercely, the flow of funds reveals some underlying confidence.

In the short term, two signals to watch are: the statements from the Federal Reserve meeting and how the international geopolitical situation evolves. Both could become turning points for the market.