According to CoinMeta, Bitcoin recently broke through $80,000 and reached $87,300. Analysts believe that this round of gains is supported by institutional funds and the inflow of spot ETF, but there are disagreements regarding the sustainability of the upward trend as indicated by trading volume, market breadth, and derivatives position indicators. K33 suggests that the current cycle's low point may have been established, and Bitcoin still has room to catch up compared to gold and the U.S. stock market. 21Shares believes that the U.S. SEC introduction of innovative exemptions and CFTC advancement in rule-making provide regulatory benefits. K33 argues that the fading uncertainties surrounding the Federal Reserve's interest rate decisions and Clarity legislation votes helped the market achieve this breakthrough. Nexo points out that recent declines in trading volume, narrowing of upward momentum, and increasing leverage in derivatives pose risks of profit-taking or temporary adjustments for Bitcoin. Capital.com analysts consider the range of $87,000 to $88,000 to be a recent resistance area, with attention focused on $90,000 after a breakout, and support levels at $84,000 to $85,000 and $80,000 below that. Tom Lee indicates that the crypto bull market has begun, driven by the return of AI funds, tokenization, and improvements in fundamentals such as AI, as well as the conclusion of a four-year cycle.