Bitcoin has rebounded 50% since its April low to reach an all-time high, but significant selling pressure has emerged since May 22. Following market panic due to conflicts involving Trump and Musk, BTC tested the $100,000 support level before rebounding. Despite positive non-farm employment data, BTC faces short-term constraints from selling pressure and market uncertainties. Notably, significant outflows from centralized exchanges suggest new capital absorption despite recent profit-taking. The ongoing U.S.-China tariff negotiations and Fed interest rate decisions will be crucial for BTC's future price movements.