#比特币回升5% Bitcoin price is approximately $63,436, with a 24-hour increase of 4.41%. Ethereum (ETH) performed even stronger, rising over 8%, and mainstream cryptocurrencies like SOL, HYPE, also surged across the board.

Short squeeze: Along with the violent price rally, the market experienced a typical "short squeeze" situation. In the past 24 hours, about 107k traders worldwide were liquidated, with a total liquidation amount of $667 million. Among them, short liquidations amounted to $541 million, accounting for over 81% of the total liquidations.

This nearly 5% intraday surge in Bitcoin is not due to a single factor but the result of multiple news and capital factors resonating:

Technical rebound after extreme overselling: Previously, influenced by the U.S. May non-farm payrolls exceeding expectations, Bitcoin briefly fell below $60k (touching a 14-day low of $59,353). Its daily Relative Strength Index (RSI) dropped to the lowest level since 2020 (about 15.5), indicating the market was in an "extreme oversold" state, accumulating strong technical rebound demand.

Geopolitical risk aversion easing: Signals of peace talks emerged amid tensions between the U.S. and Iran, easing geopolitical risks. Some risk-averse capital flowed back into risk assets, driving a violent rebound in the crypto market.

Macro hedging demand: Recently, the correlation between cryptocurrencies and gold has reached 66%. Against the backdrop of tense geopolitical situations, both may share a common inflation hedge strategy, attracting some capital to shift.

Despite the strong short-term rebound, macro market headwinds have not fully dissipated, and investors should remain cautious of the following risks:

Institutional funds are still flowing out: Bitcoin spot ETFs have experienced net outflows for several consecutive days (totaling over $4 billion), indicating institutional capital is still retreating. The current rebound is more of a technical correction rather than a trend reversal.

Market sentiment remains pessimistic: Although prices have rebounded, the "Fear and Greed Index" remains in the single-digit "Extreme Fear" zone, indicating that this rally lacks broad market confidence support.

The upcoming U.S. May CPI data release this week will be a true stress test. If inflation data exceeds expectations, it could trigger concerns that the Federal Reserve will maintain high interest rates, causing the rebound to quickly stall. Additionally, the new round of selling pressure around SpaceX's IPO on June 11 may also pose risks to market liquidity. $BTC