#比特币反弹 Bitcoin makes a strong rebound, returning to the high of $75k

Driven by improved macro sentiment and the return of institutional funds, Bitcoin (BTC) has recently experienced a strong rebound. As of April 21, BTC price has risen back to the $75k to $78k range, rebounding over 20% from the previous low of $62k, with market capitalization regaining above $1.5 trillion.

Core Drivers of the Rebound

This rally is mainly driven by the resonance of three major factors:

De-escalation of geopolitical risks: Signs of easing in the US-Iran situation have quickly restored market risk appetite, with funds flowing back into cryptocurrencies and other risk assets.

Institutional buying support: US spot Bitcoin ETF funds have shifted from outflows to inflows, with a weekly net inflow exceeding $800 million; listed companies like MicroStrategy continue to increase holdings, providing a solid foundation of spot demand for the market.

Technical short squeeze: After breaking through the key resistance level of $74k, a large number of short positions were forced to cover, and approximately $180 million in short positions were liquidated in the derivatives market, further amplifying the rally.

Concerns and Challenges

Despite the strong short-term performance, the market still faces uncertainties. On April 20, following a hacking attack on DeFi protocol KelpDAO, BTC temporarily retreated below $74k, indicating that internal risks within the crypto market have not been fully eliminated. Some analysts believe that if subsequent ETF fund inflows slow down or macroeconomic data weaken, the sustainability of the rebound will be tested.

Overall, Bitcoin is attempting to establish a new consolidation range around $75k, and its future trajectory will heavily depend on global liquidity expectations and regulatory developments.