I just noticed that Bitcoin has been seeing a fairly strong recovery recently. The price has broken above the $71,000 level for the first time in three weeks, and is currently around $77,700. But the big question is whether this uptrend can be sustained.

According to experts, several key factors are contributing to this recovery. Ranveer Arora, co-founder of Altura, said that the inflow of funds from Bitcoin ETFs still provides a stable support base. However, more direct drivers are investors re-adjusting their positions, along with the reduced supply elasticity after the halving. This creates a favorable environment for exploring new price levels.

Arora also emphasized that Bitcoin does not behave like a traditional defensive asset. Instead, it shows a much higher beta relative to the state of global liquidity. In other words, Bitcoin is highly sensitive to changes in the broader financial environment.

Alex J. from LetsExchange believes that the rally is mainly driven by rising geopolitical tensions. When I asked whether this recovery can be maintained, he was quite cautious: it’s unlikely, but a sharp drop is also not expected.

The reason is that when the global financial system experiences major fluctuations, Bitcoin struggles to compete with safer assets like gold. Liquidity tends to flow into places that are seen as less risky during periods of instability.

Overall, everything depends on how global financial markets develop over the coming weeks. Bitcoin remains a volatile asset, and its sensitivity to macro factors is still the main determining factor.