For cryptocurrency enthusiasts, recent days have felt anything but ordinary. After a prolonged lull lasting nearly five months, Bitcoin surged into bullish territory starting last Friday, climbing almost 1,000 points in just a few days. At one point, its price spiked to 3,944.30 CNY — the highest level since July 2014.
“Never thought we’d see 4,000 so soon,” said Cao Lin (a pseudonym), an experienced Bitcoin trader, reflecting on the sudden rally. “It’s that familiar rush — the kind of excitement we haven’t felt in a long time.”
A Surge Amid Broader Market Weakness
While traditional assets like equities and gold remain under pressure, Bitcoin has emerged as a standout performer, drawing renewed investor attention. In a market landscape marked by uncertainty, digital currencies are increasingly seen as alternative stores of value.
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On May 25, Huobi reported a closing price of 2,984 CNY for Bitcoin. The next day, it broke through the critical 3,000 CNY resistance level — a psychological milestone — and momentum accelerated rapidly. By the following day, prices soared to 3,944.30 CNY, marking a 24-hour gain of 9.41%. Although the price pulled back slightly to around 3,812 CNY by evening, the upward trajectory remained intact.
Cao Lin described the move as unexpected yet exhilarating. “Last year, Bitcoin had a seven-week rally that nearly doubled from its annual low — we thought it was coming back strong. But after hitting $500, it crashed almost overnight, losing nearly half its value in a week. Since then, it’s been quiet… until late May, when a steady climb began.”
Strong Monthly Gains Signal Renewed Interest
According to data compiled by The Golden Securities, Bitcoin’s price had already risen 28.74% by May 29. This resurgence echoes earlier chapters in Bitcoin’s volatile history.
Bitcoin first entered its golden era in 2010, driven by scarcity and rising demand in early peer-to-peer trading networks. Its value exploded over the following years — at one point increasing by as much as 20,000 times. However, the collapse of Mt. Gox, the world’s first major Bitcoin exchange based in Japan, dealt a severe blow. Following the theft of 850,000 Bitcoins in February 2014, the platform shut down and filed for bankruptcy protection. Confidence waned, and prices plunged — bottoming out at just 933 CNY per Bitcoin.
Now, more than a year later, signs point to a potential comeback.
Why Is Bitcoin Rising Again?
Several key factors are fueling this latest rally:
1. Weakness in Traditional Markets
With equities struggling and gold prices stagnant, investors are seeking higher returns elsewhere. “U.S. rate hikes, RMB depreciation, weak stock performance — all these are pushing people toward Bitcoin,” Cao Lin explained.
He illustrated the potential returns: investing 9,000 CNY to buy 10 Bitcoins at the January 2015 low of 900 CNY would now be worth approximately 35,000 CNY — a return far exceeding most conventional investments over the same period.
2. The Upcoming Halving Event
One of the most significant catalysts is the approaching Bitcoin halving, scheduled for early July. This event occurs roughly every four years and cuts the block reward for miners in half — reducing daily new supply from about 3,600 BTC to 1,800 BTC.
Du Jun, co-founder of Huobi, noted: “As demand grows steadily, the upcoming supply cut creates a classic scarcity-driven price dynamic.” With fewer coins entering circulation while adoption increases, market sentiment turns bullish.
3. Growing Institutional Interest in Blockchain
Domestic interest in blockchain technology has also played a role. In February 2025, PBOC Governor Zhou Xiaochuan confirmed that the central bank had allocated dedicated resources to study blockchain applications — a move widely interpreted as a step toward legitimizing distributed ledger technologies.
While Bitcoin itself remains unregulated and not officially recognized by Chinese authorities, this endorsement of underlying technology has boosted confidence among retail investors.
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Market Volatility Calls for Caution
Despite optimism, experts warn against overexuberance. Recent weeks have seen extreme volatility — both Bitcoin and Litecoin experienced swings exceeding 20% within short periods.
“Rising demand meets constrained supply — that’s bullish,” said an industry insider. “But remember: this market moves fast. Traders must stay rational, manage positions carefully, and prioritize risk control.”
Huobi’s user survey reveals strong sentiment: 59% of traders remain firmly bullish, with many targeting 6,000 CNY as the next major milestone. Yet momentum alone shouldn’t dictate strategy.
Frequently Asked Questions (FAQ)
Q: What causes Bitcoin price surges like this one?
A: Multiple factors contribute — weakening traditional markets, macroeconomic trends like currency devaluation, growing awareness of blockchain tech, and supply shocks such as the halving event.
Q: What is the Bitcoin halving and why does it matter?
A: Every four years, the reward for mining new blocks is halved, reducing the rate at which new Bitcoins enter circulation. Historically, halvings have preceded major bull runs due to reduced supply amid steady or rising demand.
Q: Is Bitcoin legal in China?
A: While blockchain research is supported, Bitcoin is not recognized as legal tender. Financial institutions are prohibited from handling Bitcoin transactions. However, individuals can still trade it on overseas platforms.
Q: How can I protect my investments during volatile periods?
A: Use stop-loss orders, diversify holdings, avoid leverage unless experienced, and never invest more than you can afford to lose.
Q: Could Bitcoin reach 6,000 CNY soon?
A: Market sentiment is positive, and technical indicators suggest further upside potential — especially post-halving. However, external shocks and regulatory developments could delay or reverse gains.
Q: Where can I trade Bitcoin safely?
A: Choose reputable exchanges with strong security protocols and transparent operations.
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- Blockchain technology
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The current rally shows that Bitcoin remains a powerful force in alternative finance — capable of capturing imagination and capital alike. But with great potential comes great risk.
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As history has shown, fortunes can be made — and lost — quickly in crypto markets. Whether this marks a true resurgence or another speculative spike remains to be seen. What’s clear is that informed decisions, disciplined strategies, and awareness of global trends will separate successful investors from the rest.
For now, all eyes are on July — and the next chapter of Bitcoin’s evolving story.