Since Bitcoin broke through $80,000 on May 2, it has kept holding steady above this key psychological level for multiple consecutive days. As of May 6, the price has been consolidating within the $80,000 to $81,500 range, with a month-to-date gain of about 10%. In the same period, the Crypto Fear and Greed Index has entered the neutral zone for the first time since January—reporting 50 on May 5 and also reporting 51 on May 5—quickly moving away from the “fear,” or even “extreme fear,” state that had long cast a shadow over the market. Against what macro and capital background did this shift in sentiment take place? Why has $80,000 become the focus of the contest between bulls and bears?