Bitcoin has recently experienced a significant increase, but don't be fooled by superficial news. Some Wall Street analysts attribute the rise to certain geopolitical events, but in reality, that's just surface-level commentary.

Bitwise's research head debunked this logic in early January — the so-called 5% increase is not primarily driven by oil prices or inflation data, but by large-scale institutional funding. Coupled with recent improvements in policy environment and a recovery in market risk appetite, these are the true driving forces behind the trend.

From a technical perspective, the support level at 93,200 is particularly solid, and there are no obvious signs of main capital withdrawing from their positions. According to Valuescan's monitoring data, this rally is likely just a mid-term pause, with room for further upward movement. However, this also means that current short positions should be handled with extra caution, as they are more susceptible to being reversed.