What factors have driven Bitcoin's strong performance today?

First, #美国经济数据 boosted confidence and eased recession concerns. The U.S. labor market data released on August 5 became the focus of the market. The data showed that the number of initial jobless claims fell from the recent high, far below economists' expectations, indicating that the U.S. economy may not have fallen into recession as the market had previously worried.

Second, short liquidations helped the rise and market sentiment tended to be positive. On the eve of Bitcoin's rise, large-scale short liquidations occurred in the cryptocurrency futures market. In the past 24 hours, short liquidations exceeded US$114 million, far exceeding long liquidations, showing the rapid collapse of short forces. The increase in Bitcoin futures open interest (OI) and funding rates also reflects that traders are beginning to take risks again, and market sentiment is gradually turning to optimism.

Finally, whales are actively buying, and the market bottom may have been confirmed. The exchange BTC balance has fallen to a five-year low, indicating that the market bottom may have been confirmed and investors are optimistic about future price increases. In the future, as the market environment continues to improve and investor confidence continues to increase, crypto assets such as Bitcoin are expected to usher in a new round of rising cycles.