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The worries about “stagflation” are hard to dispel, and the longer it drags on, the greater the room for valuation to be revised downward, which is why we are pessimistic about BTC’s rebound in the short term.
Whether the rebound of US stocks and BTC can continue requires more observation, and whether they can bottom out and reverse requires more guidance from economic data.
This month, the BTC Spot ETF recorded its largest monthly outflow since its inception, with the BTC price experiencing its largest pullback in the current cycle.
Gradual upward movement, with multiple instances of stop-losses at high levels and consolidation along the way, resulting in sufficient turnover to provide strong support for subsequent gains.
The market has once again found strong support at the short-term holders' breakeven level, but an effective breakout may be required to exit the current phase of weak consolidation.