U.S. April CPI year-over-year increased by 3.8%, core CPI rose by 2.8%, both exceeding expectations, indicating that inflation remains resilient. This directly dampened market expectations for the Federal Reserve to cut interest rates this year, with U.S. Treasury yields staying high, the dollar strengthening, and liquidity tightening expectations putting short-term pressure on risk assets like Bitcoin, which once fell back to around $80k.

The logical transmission is quite clear: CPI exceeding expectations → interest rates "higher for longer" → rising cost of capital → decreased risk appetite → increased selling pressure on cryptocurrencies. Although Bitcoin is often called "digital gold," in a high-interest-rate environment, its risk attributes are usually priced in first, and in the short term, it tends to fluctuate in the same direction as U.S. stocks and macro sentiment.

However, it should also be noted that continuous net inflows into Bitcoin spot ETFs and relatively low exchange reserves suggest that medium- to long-term allocation demand has not disappeared; as long as inflation stops rising and rate cut expectations are re-priced, the crypto market may still stabilize and recover. In the short term, key factors are the $80k support level and the pace of upcoming macroeconomic data.