BTC: As of March 24, 2025, the current price of BTC is $87,000; on the daily level, a "small bullish candle" was formed yesterday. Although the trading volume was not large, the daily chart has now risen above the 30-day moving average; this lays a foundation for a short-term rebound.

On-chain data shows that the turnover rate remains sluggish, comparable to the low point in 2023, and the dense range of chips between $93,000 and $97,000 has not loosened, indicating that short-term risks are controllable.

On the macro level, as we approach the end of March, core PCE and Michigan University data are about to be released, but since they only reflect February's situation and the Federal Reserve has attributed inflation to tariffs, market attention is relatively low. Starting in April, the complexity of the crypto market may increase, and external variables must be monitored for potential impacts.

In summary, Bitcoin has short-term rebound momentum due to overselling, but the likelihood of effectively stabilizing above the 120-day moving average is low. The period before April 15 is a critical window; if the rebound lacks accompanying volume, it may evolve into a consolidation adjustment.