Analysis: This round of BTC rebound is driven by "liquidity" rather than trend strengthening On April 17th, according to The Block, Bitcoin rose about 6% this week, reaching a new high of $76300 in nearly two months. However, the Crypto Fear and Greed Index remains at 21 (extreme fear). Multiple institutional analysts have pointed out that this round of rebound is "liquidity driven" rather than trend driven strengthening. Glassnode stated that although spot demand and ETF inflows have improved, the depth of recovery is insufficient, and institutional participation remains cautious. The options market still leans towards downward protection; Bitfinex believes that this round of rise is mainly driven by Strategy's concentrated buying (investing in 13927 BTC last week), rather than a rebound in organic demand. Analysts generally consider $75000 as a key support level, and if structural buying fails to hold this position after the tide recedes, the price may fall back to the range of $70000 to $71000. At the macro level, the direction of Federal Reserve policy and the June FOMC meeting are seen as the next important risk nodes.