Today’s Bitcoin surge is no coincidence. Carefully examining the logic behind the market reveals at least three forces acting simultaneously.

Starting with the data. The US December CPI year-over-year increase was 2.7%, and this report is actually very "just right"—not high enough to make the central bank reconsider rate hikes, nor low enough to trigger recession fears. As a result, the expectation of maintaining interest rates in January jumped directly to 97%. Policy uncertainty diminishes, and market risk appetite naturally increases, leading funds to more actively allocate assets like Bitcoin.

More interestingly, the sudden criminal investigation into Powell has caused some turbulence in the traditional financial power centers, which in turn has attracted some funds into assets not constrained by a single authority structure. Bitcoin’s decentralization and censorship resistance are being re-evaluated at this moment—some call this phenomenon the "decentralization premium."

But the most telling evidence comes from on-chain data. The outflow pressure from Bitcoin ETFs is easing, and signs of fund inflows are even beginning to appear. The price repeatedly finds strong support in the $90,500 to $91,200 range, indicating that capable players are willing to buy here. After today’s rally, the critical resistance at $92,000 has been thoroughly broken, and the short-term technical structure has also strengthened.

Every market movement has its internal logic. When macro factors, risk aversion sentiment, and technical signals align, market reactions tend to be very direct.