In Eastern Time on April 6th, Trump once again issued a final deadline threat on tariffs, but unexpectedly triggered a collective rise in global assets.

This round of “bad news that still leads to gains” essentially comes down to the market pricing in policy expectations in advance. On one hand, the market is betting that the tariff threat will ultimately end with a negotiated compromise, with risk-aversion sentiment being digested quickly and funds flowing back into risk assets; on the other hand, expectations of Federal Reserve rate cuts continue to build momentum, with loose-liquidity expectations propping up US tech stocks and pushing indices higher.

But beneath the prosperity, concerns are becoming increasingly prominent: uncertainty in the tariff game still remains, and if negotiations break down, global supply chains will be hit again; the countertrend drop in Chinese concept stocks also reflects that market worries about US-China economic and trade friction have not gone away. For investors, it is necessary to stay alert to short-term sentiment-driven speculation, rationally distinguish between an “upswing driven by expectations” and “support from fundamentals,” avoid the risk of one-sided bets, and focus on the real impact that subsequent policy implementation will have on the market.

Affected by the situation in the Middle East, BTC’s recent price action has seen a bottom rebound. Yesterday’s high reached the 70,000 level. At the same time, Ethereum has also rebounded to face resistance at 2160. The rebound does not mean a reversal. In fact, you could say that the technical indicators are temporarily ineffective in the short term—it is entirely driven by Trump’s speech. One sentence posted in a message on Sunday night caused the market to jump immediately. This kind of stimulative rebound can be said to not be sustainable for long. For now, the market is mainly looking at two points: first, the stimulus from the news; second, the sell pressure from institutions.