Bitcoin's sharp surge today may seem abrupt, but the logic is quite clear. Breaking it down, there are three main forces at play.

First is the macroeconomic shift. The US December CPI increased by 2.7% year-on-year, fully within expectations, indicating that inflation has finally stabilized and is no longer running wild. With this, the story of aggressive rate hikes by the Federal Reserve can be set aside for now, and the market's previously assumed room for rate cuts remains intact. For all risk assets, this is like the darkest cloud overhead finally dispersing.

Second is the erosion of trust in the traditional financial system. The news that Federal Reserve Chair Powell is under criminal investigation may not directly impact interest rate decisions, but it touches on a critical issue—the independence of central banks is beginning to be questioned. At this moment, Bitcoin's narrative of non-sovereign, censorship-resistant assets becomes especially attractive. When the foundation of the system shows signs of instability, funds naturally flow into decentralized assets.

Finally, technical factors are aligning. The price has found sufficient support in the key range of $90,500 to $91,200, largely digesting the selling pressure from previous ETF outflows. A decisive breakthrough above $92,000 resistance has opened the chart, attracting a flood of trend-following buy orders. Improved macro narratives, technical breakthroughs, and capital recognition—these three factors together have created today's unstoppable rally.

That said, with such a rapid short-term rise, a correction to digest profit-taking and test support levels is inevitable. The risk of chasing the top is already accumulating at this point, requiring patience and rationality.