Bitcoin has returned to 74,000. This recent rally caught everyone off guard. When geopolitical tensions tighten, people remember "digital gold," funds flow into the crypto market, and prices get pumped up directly.

The softening U.S. regulatory stance, Thailand's stablecoin compliance rollout, plus Trump calling it "crypto capital" - both institutions and retail traders feel "it's locked in," so they're rushing to buy.

The price just broke through key resistance levels, a bunch of short sellers are forced to liquidate their positions to stop losses, equivalent to "shorts covering and flipping long." Buy orders surge, and the market gets pulled up directly.

With limited money flowing in at market open, even a small amount of buying can push the price very high, making it look like a "sudden pump."

Everyone knows Bitcoin supply will decrease after the halving. Lots of people accumulated positions in advance, and long-term capital is also building positions on dips, providing support for the uptrend.