Bitcoin has surged past $65,000 for the first time since early August, driven by monetary stimulus measures in the U.S. and China, as well as increasing demand for spot ETFs. However, market analysts remain cautious about the sustainability of this rally. The regulatory landscape continues to pose significant challenges, with potential crackdowns on cryptocurrency trading and stricter compliance requirements looming on the horizon. Investors should be wary of the volatile nature of the market and the potential for regulatory actions that could impact future growth.