Actually, I am not very clear about the authenticity of the breakout. From the perspective of trading volume, both the recent rise and fall have indeed brought about significant trading volumes, and this part of the trading volume is higher than in recent times. Therefore, I can agree that the market's FOMO sentiment has driven the price of $BTC up, and that is real.

However, the upcoming unfavorable 20-year U.S. Treasury auction, combined with the outflow of profits from Japanese government bonds, is also a reality. Japan's YCC may raise interest rates, thereby increasing the borrowing costs of the yen, forcing investors who borrowed yen to repay early, which will necessitate selling off risk assets in dollars that were purchased through borrowing yen.

In simpler terms, if Japan raises interest rates, it will greatly impact the global arbitrage structure, potentially triggering a large-scale cross-border capital inflow into the yen, leading to technical selling pressure on U.S. stocks and crypto assets.

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