Bitcoin tested the critical support level of 65,000 again this morning and rebounded, with intraday volatility expanding to 8%. On-chain data shows that net outflows from exchanges exceeded 12,000 BTC in the past 24 hours, which may suggest that holders are inclined to accumulate. On a macro level, before the release of U.S. CPI data, risk assets are generally under pressure, but Bitcoin ETFs have recorded net inflows for three consecutive days (totaling +980 million USD), creating a tug-of-war pattern.

From a technical perspective, the 4-hour chart shows a triangular convergence pattern. If it effectively breaks above the neck line at 67,200, it may initiate a new upward trend. We need to be cautious of liquidity fluctuations triggered by speeches from Federal Reserve officials in the evening, with short-term support focusing on the 63,500-64,200 range. As miner sell pressure decreases after the halving, the medium to long-term fundamentals still hold advantages, but regulatory uncertainty remains the biggest variable.

Is the current market more focused on the flow of funds into spot ETFs or macro policies? Feel free to share your trading strategies!