In the morning, we were still discussing this aspect. Currently, $BTC is still within the support range of $93,000 to $98,000. The declines in March and April were almost entirely due to Trump's tariff issues. Now that the anticipated impact of the tariffs has diminished, it also indicates that Bitcoin's resilience is higher than that of the U.S. stock market.

From the chart, we can see that BTC has returned to the price around February 25, while the gap with the S&P 500 remains significant. If the U.S. stock market continues to recover, BTC may continue to rebound. Yes, I still believe this rebound is based on macro recovery rather than a complete reversal.

A reversal will still have to wait for the restoration of liquidity, especially as can be seen from the trading volume. Even though BTC's price is rising, the trading volume remains low, and the upward movement has not led to a significant increase in volume. In this situation, if negative information arises, it will still be relatively fragile.

Pay attention to tomorrow's non-farm payroll data.

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