Bitcoin has performed remarkably recently, with its price breaking through the $120,000 mark, setting a historical high. Several key factors are driving this surge:

First of all, the US government shutdown crisis unexpectedly became a catalyst for the rise of Bitcoin. The uncertainty of government operations has instead strengthened Bitcoin's appeal as a decentralized asset. Investors seem to view Bitcoin as a safe-haven choice during times of political and economic instability.

Secondly, signs of a shift in the Federal Reserve's policy stance have emerged. Market expectations for an interest rate cut in October have significantly increased, and such expectations for loose monetary policy often drive up the prices of assets like Bitcoin.

The behavior of institutional investors is also worth noting. The Bitcoin ETF saw a net inflow of over $430 million in a single day, indicating an increasing interest from institutions in digital assets. At the same time, about $400 million in short positions were forced to close, further driving up the price of Bitcoin.

From a broader perspective, Bitcoin seems to be undergoing a repositioning shift. It is gradually transitioning from being seen as a high-risk speculative asset to being regarded as 'digital gold', becoming one of the tools for investors to hedge against risk.

However, it should be noted that the Bitcoin market is still highly volatile. Although it may test a new high of $124,000 in the short term, investors should remain vigilant and weigh the potential risks and rewards.

Whether this round of rise signifies a fundamental shift in the Bitcoin market remains to be seen. Regardless, the resilience that Bitcoin has shown in the current economic environment has undoubtedly sparked more discussions about its long-term value proposition.