Since the beginning of the new year, the Bitcoin market has experienced a strong rebound. Breaking through the long-term resistance zone around $87,000, BTC has been on a steady rise, with a 24-hour increase of over 4%, surpassing the $95,000 mark in a short period and even touching $94,400 at one point. During this rally, the total market capitalization of the entire crypto market increased by over $250 billion within a few days.

Not only Bitcoin, but the entire market is heating up. ETH has risen nearly 9%, mainstream coins generally grew by double digits, and Meme coins surged significantly. This is not just market volatility; several clear logical factors are supporting this movement.

**Year-end tax season pressure has been released.** The peak period of tax loss harvesting in Q4 last year has passed, removing a major factor that previously suppressed the market. A large number of pending rebound buy orders finally have the opportunity to enter.

**The flow of funds into spot ETFs has shifted.** Since October, the US spot Bitcoin ETF recorded the largest single-day inflow, which is a direct signal of increased market demand. The return of institutional funds usually indicates a larger market rally is underway.

**Macro expectations are quietly changing.** Against the backdrop of US debt reaching new highs, the market is betting that Federal Reserve policies will shift towards easing. Under this expectation, risk assets including BTC have gained a new upward channel.

**Technical support has also been established.** From the October high, Bitcoin has experienced approximately a 35% correction. From a statistical perspective, the technical conditions for a rebound are now mature.