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BTC returns to $120,000 — is it a pullback in the bull market, or the starting point of the main upward wave?

The moment of the "return of the rich" in the crypto circle has arrived.

BTC returning to $120,000 feels to old players like first love coming back to you, complete with flowers and savings - familiar yet somewhat unreal.

Logical Deconstruction:
1. Macroeconomic background support: The Federal Reserve's interest rate cut expectations are rising, global risk appetite is warming up, and the US dollar index shows a downward trend, directly adding a layer of "golden halo" to BTC.
2. Institutional inflow is significant: ETF funds are seeing a renewed net inflow, with large institutions like BlackRock and Fidelity frequently increasing their positions.
3. Supply pressure decreases: The halving effect continues to take shape, new coin production decreases, and miners' selling pressure significantly lightens.

In terms of market sentiment, the return of 120,000 USD is not just a numerical stimulus, but also a breakthrough of psychological barriers. Many funds that hesitated above 100,000 USD now have a FOMO reason of "missing out on a lifetime if not bought."

This rebound is like a person who has disappeared from your friend circle for a long time suddenly posting a vacation photo from the Maldives - you instantly start to doubt whether you have been living in the wrong friend circle all along.

But it should be noted that above $120,000 is a typical emotional ^_^^_^ congestion zone, where there may be high-frequency fluctuations in the short term. However, as long as the macro liquidity does not change, BTC has the opportunity to challenge its historical highs, after all—bull markets are meant for surprises, not for explanations.