Risk assets rebounded to boost the market, Bitcoin surged back above $100,000.

On Thursday, Bitcoin returned to over $100,000, breaking this psychological barrier for the first time since February. Analysts say this reflects a rebound in overall investor demand for risk assets, while US stocks continue to rebound from their April lows, with market risk appetite noticeably increasing. Thomas Perfumo, global economist at the cryptocurrency exchange Kraken, said, "Bitcoin returning to six figures comes as global market risk sentiment is recovering. Stock market performance is strong, and investors are increasingly willing to allocate to risk assets, with this recovery 'animal spirit' quickly spreading to the cryptocurrency space." On January 20th this year, the day of US President Trump's inauguration, Bitcoin hit a historical high of $109,225. At that time, there was widespread expectation in the market that the new government would bring a more lenient regulatory environment for cryptocurrencies. However, subsequent market volatility caused by the Trump administration's tariff policies led to Bitcoin briefly falling below $80,000 in early April. On Thursday this week, US stocks and Bitcoin both rose following Trump's announcement that his administration had reached a preliminary trade agreement with the UK. Jos Torres, senior economist at Interactive Brokers, said, "Investors are finally seeing the light at the end of the 'Trump trade tunnel' and are now shifting their focus to growth expectations in Trump's policy portfolio." Bitcoin rose 5% on Thursday, reaching a high of $101,515, trading around $101,094 in the afternoon. At the same time, the Dow Jones Industrial Average rose by 1.3%, showing strong overall performance in the US stock market. Despite Bitcoin showing resilience in recent market fluctuations, Leah Wald, CEO of SOL Strategies, warned that Bitcoin is still primarily traded as a high-beta risk asset. In an interview, she said, "While Bitcoin has shown some relative strength compared to stocks in uncertain macro times, it's still too early to say that it has fully 'decoupled' from traditional markets. Bitcoin's structural characteristics still resemble a highly volatile risk asset, performing well in high-sentiment times and relatively lagging in risk-off markets." Another bullish news driving Bitcoin's rise came from the states of Arizona and New Hampshire in the US. Earlier this week, the governors of these two states signed bills allowing for the establishment of state-level Bitcoin reserves. While actual Bitcoin purchases have not yet been made, this has been enough to spark optimism among investors. Alexander Blume, CEO of the cryptocurrency investment advisory firm Two Prime, said, "This news strengthens market confidence in the acceptance of cryptocurrencies by governments." From a technical perspective, Tyler Richey, co-editor and technical analyst at "Sevens Report," pointed out that Bitcoin currently faces a key resistance zone between $101,500 and $106,500. If Bitcoin can close above $101,000 on Thursday, it may have a chance to challenge the historical high of $109,225 set in January. However, he also cautioned that if Bitcoin falls below the short-term support level of $93,780, it could retrace to the $80,000 level. While the daily trend is strong, Richey also noted that from a weekly timeframe perspective, Bitcoin's technical outlook is not as encouraging. Although its momentum indicator, the Relative Strength Index (RSI), is still above the 50 strong-weak line, it is far below the peak near 80 in December last year, which was when momentum drove Bitcoin's surge in January.