According to CoinMeta, Xinhuo Research Institute stated that Bitcoin has recently reversed rapidly from low levels and risen to around $77,000. After approaching its previous high, it has maintained consolidation, showing some characteristics of an early bull market. However, part of the momentum behind this rapid rise comes from short sellers closing their positions and covering their losses. It is not yet possible to confirm that long-term spot buying has returned. For the short term, the resistance level to watch is between $78,500 and $82,000, while the support level is between $72,400 and $73,500. In the medium term, the reallocation of funds from crowded trading areas, the gradual clarification of U.S. regulations, and the tokenization of traditional financial assets may become the main driving forces for the next phase of the crypto market.