Gate Cryptocurrency News and Market Analysis

Circle (CRCL) stock price briefly surged past $90 after the earnings report, reaching a recent high and continuing approximately a 30% increase. Bernstein and Mizuho Securities both issued ratings on its future performance, with Bernstein predicting a target price of $190, and Mizuho raising its target to $90. The earnings report showed revenue growth and diversification for Circle, especially with an increased proportion of USDC held in-house. Additionally, the activity level of the predictive market Polymarket is seen as a key factor for sustained growth, but the risk of rate cuts could impact reserve income and stock performance.

This week, global searches for "buy Bitcoin" reached the highest level in nearly five years, reflecting a renewed investor willingness to enter the market. Influenced by Trump's State of the Union proposal to ban congressional stock trading, market sentiment quickly improved, leading to a large-scale short squeeze. On-chain data shows an increase in whale holdings and strengthened accumulation signals, suggesting the market may be facing a turning point, but multiple factors need to be considered to determine the price trend.

Bitcoin recently retreated from $71,000 to $67,000, mainly due to false breakouts caused by forced short liquidations and increased market risk premium from ongoing uncertainties in US-Iran nuclear negotiations. On the technical side, $71,000 is a major resistance level; if it cannot be effectively broken through, it will impact the short-term trend. The decline in open interest indicates market deleveraging, and the price increase lacks sustainable support.