I just noticed that Bitcoin has successfully broken through the $77.82K level, moving quite solidly from the previous level. But what's interesting isn't just about the price, but what is actually driving this movement.

According to Ranveer Arora from Altura, there are several factors playing behind the scenes. The most significant is position resetting—basically traders are adjusting their portfolios. Additionally, after the halving, the supply elasticity of the crypto market has changed drastically. Supply has become more inelastic, meaning it's harder for supply to adjust quickly to demand. This usually makes prices more volatile and movements sharper.

Arora also highlights that ETF inflows continue to provide solid structural support. But what is more directly pushing? A combination of position adjustment, changes in supply elasticity post-halving, plus increased liquidity expectations. In the crypto market, once selling pressure is absorbed and positions start to rotate, leverage flows and derivatives often accelerate price discovery. That’s what we’re seeing happening now.

He also reminds that Bitcoin’s movement is still very tied to the global liquidity environment. Bitcoin is more like a high-beta expression of global liquidity conditions, not a typical safe-haven asset.

Meanwhile, Alex J. from LetsExchange says this rise is mainly triggered by increasing geopolitical tensions and high uncertainty. But regarding sustainability, he’s somewhat skeptical. He believes this rally probably won’t continue, although prices are also not expected to fall drastically.

He explains that when the global financial system experiences a major disruption affecting liquidity flows, Bitcoin will struggle to compete with conservative assets like gold. So essentially, it depends on macro conditions and how risk sentiment develops moving forward.

Long story short: momentum is there, but it’s still necessary to monitor supply elasticity and the global liquidity situation. If you’re also tracking BTC on Gate, it’s worth watching how these dynamics evolve.