Bitcoin experienced a beautiful 5% surge last night, directly breaking through the $95,000 mark, and now some are calling for $100,000. Behind this rally, rising geopolitical tensions and safe-haven sentiment have played a significant role, with large amounts of capital flowing into crypto assets for safety.

From on-chain data, short-term holders have already returned to profitability, and selling pressure has noticeably eased — a good sign. However, whether Bitcoin can continue upward depends on whether it can hold steady in the $92,000 to $94,000 range. If it can't, it may retest lower support levels.

It's worth noting that institutions are not idle at this time. MicroStrategy recently bought over 13,000 more Bitcoin, and corporate accumulation, combined with short squeeze effects in the market, has added considerable firepower to the rebound.

Looking at global asset performance — Asian stock markets generally rose, with the A-shares and Hong Kong stocks opening higher, and the Japanese stock market continuing its upward trend aided by yen depreciation. Meanwhile, overnight US stocks closed in the red due to financial sector drag, as markets focus on the potential Supreme Court ruling on tariffs, which could reshape trade risk pricing.

In commodities, crude oil and gold both surged due to geopolitical risks. The entire market is currently in this atmosphere — inflation data meeting expectations, rate cut expectations still in play, policy outlooks, and the ongoing tug-of-war between risk appetite and capital flows.