Recently, the cryptocurrency market has seen a strong rebound, with Bitcoin rising above $67,000 and Ethereum breaking through $3,200, leading to a widespread increase in major cryptocurrencies. This round of rebound is mainly driven by multiple factors: the rising expectations of a Federal Reserve interest rate cut weakening the pressure of dollar liquidity tightening, coupled with the continuous inflow of institutional funds (such as BlackRock's iShares Bitcoin Trust attracting over $230 million in a single day), along with the impending Bitcoin halving cycle rekindling market sentiment due to the narrative of scarcity. On the technical front, BTC broke through key resistance levels triggering short covering, resulting in a short-term short squeeze. There are still market divergences; optimists believe that the institutionalization process may accelerate or initiate a new bull market cycle, while the cautious side pays attention to regulatory uncertainties and leverage liquidation risks, advising investors to monitor macroeconomic data and changes in on-chain chip distribution to cope with volatility.