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The main points of observation are whether the subsequent "reciprocal tariffs" will escalate conflicts, whether the Federal Reserve will cut interest rates "in a timely manner", and whether the US economy will fall into recession.
The key to BTC's return to an upward trend is that the US tariff chaos is gradually disappearing and the expectations of economic recession are not worsening.
The BTC Spot ETF channel recorded net inflows for all five trading days of the week, totaling US$1.05 billion, which became the material support for BTC's rebound.
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.