Yesterday, major Wall Street securities firms once again withdrew their interest rate cut forecasts, yet Bitcoin continues its upward trend. Despite institutions like Barclays and JP Morgan lowering the likelihood of rate cuts this year, Bitcoin has comfortably surpassed the $80k mark. In the past, the disappearance of rate cut expectations would have impacted risk assets, but these days, Bitcoin seems to be less affected by macroeconomic conditions.

It appears that the key factor is the continued inflow of funds into spot ETFs. Some analysts believe that Bitcoin is now being recognized as an inflation hedge. Even though the expectation of rate cuts has faded, concerns about inflation remain. Of course, some argue that this is riding on the back of the stock market's strength, but currently, the upward momentum is dominant.

From a technical perspective, $81,500 is a resistance level, and the gap in CME futures at $84,000 looks like the next target. The 200-day moving average is around $83,430, and if that level is clearly broken, a speculative surge toward $100k could occur. Conversely, if it repeatedly faces rejection at this level, a drop to $70k is also possible.

Market sentiment is currently in the middle ground. The fear and greed index has reached 50, the first time since mid-January. Altcoins are also showing movement. TON surged yesterday but is correcting today, and MORPHO and PENGU are showing volatility. Major tokens like Ethereum, XRP, and Solana are following Bitcoin's movements.

Ultimately, it’s interesting that Bitcoin is moving independently even as expectations for rate cuts fade. In the short term, technical resistance levels will likely determine the price direction, so it’s important to watch whether the current bullish trend continues.