Recently, the US labor market remains stable and shows no signs of the anticipated collapse. Inflation data is also still within manageable range. Against this backdrop, the market's risk appetite has slightly increased—stocks are rising, precious metals are rising, the dollar is rising, and even cryptocurrencies are following the upward trend.

There are some geopolitical tensions in the periphery, involving Venezuela and Iran, which also touch on US interests, but the market has not experienced significant volatility because of this. Although oil prices were pushed up by geopolitical tensions, overall resilience remains strong.

On the technical side, Bitcoin has broken through the key resistance level of $95,000 and has been steadily climbing since November. This rally reflects a re-pricing of risk assets by the market, with a relatively friendly macro environment and growing investor appetite.