According to CoinMeta, Bitcoin approached $65,000 on Thursday, with the current price being around $64,830, representing a 0.8% increase over 24 hours and a 1.3% increase over the week. Ethereum saw a 2.1% rise, but most mainstream cryptocurrencies remained relatively stable, with market sentiment leaning towards caution. The demand for Bitcoin mainly stems from macroeconomic expectations rather than new crypto-related demand. President Trump pointed out that strong employment data, improved manufacturing data, and a slowdown in inflation could lead to an agreement to reopen the Strait of Hormuz, which would lower oil prices, alleviate inflation concerns, and provide room for decline in Treasury yields and the US dollar. The calm situation in the Middle East is conducive to risk appetite, but it may also reduce the safe-haven demand that has supported Bitcoin so far. The levels that need attention are real yields and the US dollar. If both decline along with oil prices, Bitcoin will have an easier time breaking through the top of its recent range.