Bitcoin's recent surge today may seem sudden, but in fact, there are clear clues. The underlying logic is embedded in these three interconnected factors—none can be missing.

First, let's consider the US December CPI data. Year-over-year growth of 2.7% came at just the right time. It was not high enough to justify a rate hike by the Federal Reserve, nor low enough to raise concerns about the economy slipping into deflation. Once the numbers were released, Wall Street's anxiety immediately dissipated. Market expectations for the Fed to keep interest rates unchanged in January soared to 97%, indicating that the window for easing policies remains open. As the most sensitive risk asset, Bitcoin naturally became a target for capital inflows.

However, the key turning point was actually the news about Powell. The Federal Reserve Chair being under criminal investigation by federal prosecutors. As soon as this news broke, the entire market started speculating—will the Fed's independence be compromised by political factors? Is the stability of the traditional financial system in question? This sense of insecurity ironically became a positive for crypto assets. Bitcoin, as a decentralized asset that does not rely on any government or institution for backing, and with its censorship-resistant features, became especially attractive at this moment. Consequently, funds seeking safe havens quickly flowed into Bitcoin.

On the technical side, Bitcoin had previously oscillated between $90,500 and $91,200, a typical accumulation phase. Buying pressure was steadily building, and support levels were well established. Meanwhile, after several days of continuous net outflows from Bitcoin ETFs, market sentiment improved, capital pressure eased, and even some inflows reappeared. This indicates that institutional investors have not abandoned the market. Once the dual positive signals appeared, these suppressed bullish forces were fully unleashed, and the price easily broke through $92,000. The technical pattern strengthened, attracting retail traders and quantitative traders to follow suit.

This is the complete logical chain for today—macro data provides a sense of security, unexpected events release safe-haven demand, and both capital and technical factors resonate simultaneously. These three forces aligned at the same moment, driving this rally.