The main reason for the rise of BTC is here! Phyrex Ni: The turnover rate of BTC has significantly increased, and the most stable support is still in the range of 93,000-98,000.

Gate News, Chinese coin circle opinion leader Phyrex Ni expressed in a post that the geopolitical conflict in the Middle East has entered a fragile pause phase, and the main reason for the rise of BTC (BTC) is the market's expectation that the Strait of Hormuz will not be blocked. He pointed out that the Turnover Rate of BTC has risen significantly, and the most stable support is still in the range of $93,000 to $98,000.

Phyrex wrote: "Today's focus, as everyone knows, is on two things. One is that the geopolitical conflict in the Middle East has entered a fragile pause stage, and the main reason for the rise of BTC is the market's expectation that the Strait of Hormuz will not be blocked. This view is the same as yesterday's, but today it is combined with a ceasefire agreement, which has relaxed the market a bit more."

"Next is the Powell hearing, which didn't provide much useful information. In summary, there are only three sentences: no rate cut due to tariffs, almost no consideration for a rate cut in July, but September may be a suitable window. The resilience of the US economy and the stability of the labor market suggest that there's no need to cut interest rates to ease employment pressure," he mentioned.

Therefore, he believes that overall, the market is still relatively friendly. As it stands, it is normal for the price of BTC to return to and stabilize around $106,000. However, the war is not completely over. If the fragile ceasefire agreement is broken or if there are new unforeseen circumstances, the market's volatility remains uncertain. The focus is still on oil prices.

Looking back at the data of BTC, Phyrex stated that with the rise in price, the Turnover Rate also showed a noticeable increase. "Investors who bought the dip in the past two days are the main force of turnover, there is nothing much to say, just like spot ETFs, investors all like to chase the rise and sell the dip."

The price change once again proves the accuracy of on-chain coin support. The most stable support is still between $93,000 and $98,000. These users have been fully tested, and there will not be a large-scale panic exit unless there is a systemic risk, which reduces a lot of pressure on the price.

He continued:"And the stability from $100,500 to $105,000 is gradually increasing, but the time is indeed short. The loyalty of investors in this range is still low. The storage of coins from $104,000 to $105,000 has exceeded 1.27 million, and the pressure has not been fully relieved."

From the current trend, the pre-war average price of $106,000 seems relatively stable. If there is to be a breakthrough, and a stable breakthrough may require new positive stimuli.