Macro interpretation: Driven by multiple factors such as the expectation of interest rate cuts by the Federal Reserve, regulatory policy breakthroughs, and geopolitical games, the cryptocurrency market has shown a certain degree of market resilience. Bitcoin has been climbing for five consecutive days since April 17th, breaking through $94900 and briefly surpassing Google's parent company Alphabet to become the fifth largest asset in the world, with a market value exceeding $1.3 trillion. Behind this round of market trend, the continuous influx of institutional funds, breakthrough repairs in technical indicators, and changes in macroeconomic expectations form a triple support, and the market may be accumulating momentum to break through the psychological barrier of $100000. The Federal Reserve's policy shift towards expectations has become a core driving factor in the market. With the disclosure of details of Trump's pressure on Powell by the "Federal Reserve Messenger" and the public support of multiple Fed officials for the June interest rate cut, the market's consensus on the turning point of monetary policy is gradually strengthening. According to data from the Chicago Mercantile Exchange's FedWatch, traders' bets on the probability of a rate cut in June have risen to 58%, directly driving the three major US stock indices to rise collectively. Among them, the Nasdaq has set a record for the first consecutive three-day increase of over 2% since 2001. The linkage effect of risk assets is significant, with Bitcoin spot ETFs experiencing a net inflow of $2.759 billion for five consecutive days, setting a record for stage capital inflows. Institutional products such as Fidelity and Bitwise have daily withdrawals exceeding $300 million, indicating that traditional capital is accelerating its layout of encrypted assets through compliance channels. The substantial promotion of regulatory framework injects a stimulant into the market. On April 25th, the US Securities and Exchange Commission (SEC) held its third roundtable meeting on cryptocurrency policy. The newly appointed chairman, Paul S. Atkins, along with three commissioners, discussed custody rules and investment advisory access with representatives from institutions such as Fireblocks and Fidelity Digital Assets. This marks the beginning of regulatory recognition of the positioning of cryptocurrency assets in the mainstream financial system. It is worth noting that the conference for the first time invited licensed institutions such as Anchorage Digital Bank to participate in discussions, implying that the SEC may adjust its regulatory approach to classify cryptocurrencies as securities. Under the expectation of policy ice breaking, the Bitcoin options market is unusually active, with an open interest contract volume of $95000 call options increasing by 47% on a weekly basis. Some institutions have even begun to lay out deep virtual contracts worth $120000, and the derivatives market has already priced ahead of schedule to break through the market trend. The geopolitical game and the demand for asset diversification form long-term support. Although the Chinese Ministry of Foreign Affairs explicitly denies that China and the United States are engaged in tariff negotiations, Trump's recent commitment to suspend tariffs of 145% on Chinese goods still sparks market speculation. According to institutional analysis, global holders of US dollar assets are accelerating the restructuring of their investment portfolios. The 18% increase in gold prices this year resonates with the strong rebound of Bitcoin, reflecting the safe haven migration in the context of the shaking of the sovereign currency credit system. Data shows that Bitcoin has broken through the key resistance level of 23.6% Fibonacci at $87045, and the 21 week moving average has completed a long short transition, showing typical bull market characteristics in technical form. From the perspective of fund flow, Grayscale GBTC has ended a three-month outflow of funds, with a net subscription of $120 million per week, indicating that even long-term holders have regained confidence in the current valuation level. The short-term market needs to be wary of the technical correction caused by overheated emotions. The Greed Index rebounded to around 75, derivative funding rates hit a three-month high, and some profit taking positions chose to take profits around $94500. But at the macro level, three positive signals still exist: firstly, the Federal Reserve's May meeting is likely to maintain the current interest rates, and the policy vacuum period is conducive to the continuation of risk appetite; Secondly, the supply tightening effect of Bitcoin halving has not yet fully manifested, and the selling pressure of miners has dropped to the lowest point of the year; Furthermore, the upcoming listing of virtual asset ETFs in Hong Kong, China is expected to strengthen liquidity during the Asian period. Historical data shows that when the market value of Bitcoin surpasses traditional giants such as Meta and Berkshire Hathaway, it often accompanies a shift in market cognitive paradigms, and this round of market trends may become a key turning point for institutional allocation from "optional" to "mandatory". For the future, Bitcoin's breakthrough of $100000 requires two catalytic conditions: first, the unexpected drop in US inflation data, which strengthens the necessity of interest rate cuts; The second is that the SEC will release a clear regulatory framework after the May meeting to eliminate compliance barriers for institutional entry. The current market has entered the stage of "expected self realization", and any marginal positive may trigger FOMO sentiment. It is recommended to consider $87000 as a long short watershed. If the weekly line closes above this level, the medium-term upward space is expected to open up to the range of $120000 to $130000. This asset revolution, driven by a shift in monetary policy, regulatory disruption, and geopolitical restructuring, is reshaping the value coordinate system of global capital markets.