Bitcoin has surged above $71,000 for the first time in three weeks, driven by position rebalancing and reduced supply elasticity following the recent halving. Analysts highlight that while ETF inflows provide structural support, the rally's sustainability hinges on global liquidity conditions and geopolitical risks. Ranveer Arora, CEO of Altura, emphasized that Bitcoin's price movement is closely linked to global liquidity, acting more like a high-beta asset rather than a traditional defensive one. Alex J., Chief Product Officer at LetsExchange, attributed Bitcoin's rise to escalating geopolitical tensions and uncertainty. However, he expressed skepticism about the rally's longevity, noting that Bitcoin may struggle to compete with conservative assets like gold during severe financial disruptions. Despite the current upward momentum, a significant price drop is not anticipated.