$BTC BTC maintains an overall bullish outlook. The current rebound is not over yet. After a short-term pullback to accumulate strength, it will continue to rally towards the key resistance level of 63500. Breaking through will open up a new round of upside.

Let me first explain the three core drivers supporting this rebound, which are also the underlying logic for continuing to be bullish.

First, the non-farm payrolls data surprise cooled rate hike expectations, providing a temporary relief from macro pressure. The US June non-farm payroll data significantly missed market expectations, directly reducing the probability of a Fed rate hike in September. The US dollar index and the 10-year Treasury yield both weakened, lowering the opportunity cost of holding zero-yield assets like Bitcoin. As a high-volatility risk asset, BTC is most sensitive to the easing of tightening expectations. It has rebounded over 8% cumulatively in 4 days from the recent low. This macro logic continues to ferment over the weekend, providing sustained emotional support for Monday's opening.

Second, ETF fund flows have turned a corner, ending 10 consecutive days of net outflows. On July 2, the US spot Bitcoin ETF recorded a net inflow of $221.7 million in a single day, the largest single-day inflow in nearly two months, directly ending a redemption wave that lasted for 10 consecutive trading days. This inflow was mainly driven by professional institutions buying the dip from the left side and short covering. The selling pressure that had been suppressing the market in the previous period was temporarily alleviated. This is the most direct catalyst on the fund side for this rebound.

Third, centralized short covering will continue to boost the market through passive buying. In the past 24 hours, over 67k people in the crypto market were liquidated, with total liquidation amounts exceeding $200 million. The centralized forced liquidation of shorts generated a large amount of passive buying, further amplifying the rebound momentum. Currently, the short squeeze effect still has room to continue. As long as the price continues to rally after the opening, it will trigger more short stop-losses, adding more fuel to the market.

Entry point: wait for the price to pull back to 62300-62700 to enter long positions.
Stop loss: uniformly set below 62000. Once it breaks below, it indicates that the short-term rebound structure has been damaged. Exit in time to avoid risk.
Upward target: 63000-64000.
Friendly reminder: the rebound market will also have fluctuations. Be sure to control your position. In the short term, focus on the validity of the break above the 63500 level. In the medium term, pay attention to changes in this week's CPI data and ETF fund flows. These two variables will directly determine this rebound.