Recently, Bitcoin prices have experienced a significant rise. What are the underlying driving forces behind this movement? Looking closely at this wave of market activity, the core logic can be summarized into three levels.

First is the certainty in macroeconomic conditions. The latest CPI data released by the U.S. Bureau of Labor Statistics shows that December prices increased by 2.7% year-over-year, perfectly in line with market expectations and unchanged from the previous month. This "lukewarm" result is good news for the market—it indicates no inflation rebound pressure (which would force the Federal Reserve to raise interest rates), nor does it signal a sharp decline. This stability reassures investors, and the market confirms that the probability of the Federal Reserve maintaining interest rates at the January meeting is as high as 97%. It eliminates the risk of further monetary policy tightening, and risk assets (including Bitcoin) are thus supported.

Second is a risk-averse sentiment triggered by a sudden event. Federal Reserve Chair Powell is under criminal investigation by U.S. federal prosecutors, which has raised concerns about the Fed's independence. During times of turmoil within the traditional financial system, smart capital begins to seek assets that are not directly controlled by the government. As "digital gold" and an asset resistant to censorship, Bitcoin's safe-haven value has been reactivated, attracting significant inflows.

Finally, there is a resonance between technical and capital factors. On-chain data shows that after continuous net outflows, the pressure on Bitcoin ETF funds has begun to ease, even showing signs of inflow. At the price level, support established in the $90,500–$91,200 range has been firmly held by buying interest, and today’s rally helped the price break through the short-term resistance of $92,000. The combined effort of the bulls has once again shifted the market rhythm.