First of all, this round of surge is not accidental; it is a strong triple resonance of macro liquidity, regulatory benefits, and short squeeze. Let's start with the most core macro benefit! Last night, the U.S. Treasury made a big move by directly expanding the scale of long-term Treasury repurchases, doubling the single operation limit from $2 billion to $4 billion. Once the news broke, long-term U.S. Treasury yields fell, the dollar index plunged, marking the largest drop in three weeks, directly driving a broad rebound in gold and crypto markets. Market liquidity instantly loosened, which is the core trigger of this rally. But there is a risk point everyone must pay attention to: the latest Federal Reserve July meeting minutes showed no hint of rate cuts throughout, completely diverging from the market's previous rate cut expectations. Currently, inflationary pressure persists, compounded by the stalemate in U.S.-Iran relations, restricted oil transport through the Strait of Hormuz, and continuously rising oil prices. Inflation pressure is hard to ease, making the probability of the Fed maintaining rates in September very high, with even some debate about rate hikes. The macro environment is not entirely positive. $BTC $ETH $SOL #美财政部扩大长债回购，30年美债高位回落

Currently, considering all factors, BTC's rapid break above 70,000 can only be called a rebound. Whether it turns bullish still requires confirmation from subsequent market trends. Even if it does turn bullish, early bull phases often experience setbacks and fluctuations, so those who missed out shouldn't rush. For example, the first major pullback window might appear around 3 o'clock. The next big window is at the 8.26 PCE and the Jackson Hole meeting from August 27-29. If Powell remains hawkish then, a full correction will follow. This rapid rise in BTC seems more like a long-suppressed buildup that was pushed up at low cost on news to trigger short squeezes, which is why it quickly pulled back 2,000 points after breaking the 70,000 integer level. If spot prices don't follow after the pump, it will be pushed back to its original position. But since the market has been activated, combined with declining storage, many US stock players might return to their native market, which could amplify volatility and extend the consolidation period. Generally, this might last about a week, coinciding with the Jackson Hole meeting. If Powell doesn't turn hawkish this time, this rebound could continue under short-term liquidity easing until the procedural vote on CLARITY on September 15. #BTC突破69000美元，这轮上涨能走多远？ $BTC $ETH $SOL

Key points to focus on next: Hold above $70,000 → Volume increase → ETF funds flow back in → ETH continues to strengthen → Altcoins start to follow the rise Before that, keep short positions light on $BTC $ETH $SNDK #美联储7月FOMC纪要9比3，官员加息分歧仍在

So awesome! Brothers Brother Bing stands firm $BTC $ETH $SNDK #海力士40万亿回购，扩产与回报如何平衡

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Holding at 65,000 is a good sign, breaking six weeks of resistance. But this rebound is driven by short squeeze liquidations; spot demand hasn't caught up yet. Whether the 65,700-66,000 resistance wall can be broken with volume is the key to judging if this is a real reversal. I've been mostly bullish recently; I'll hold as long as 65,000 doesn't break, and exit if it does. I won't add positions at this level; I'll wait for a pullback confirmation. The market will come eventually, but chasing in the overbought zone isn't my style. $BTC $ETH $SNDK #闪迪回落逾9%，存储估值分歧加剧

1-hour level view: · Price oscillates at a high level between 65,000-65,400 · MACD red bars shorten, upward momentum marginally weakens · RSI falls from above 70 to around 60, overbought condition is correcting 4-hour level view: · Still closely hugging the upper Bollinger Band, short-term pressure · Needs to pull back to 64,200-64,500 to digest profit-taking · If it doesn't pull back and directly rushes to 65,700-66,000, it is more likely to be counterattacked by bears $BTC $ETH $OKB #海力士40万亿回购，扩产与回报如何平衡

Core Risk Warnings 1. 65,000 is the "ceiling" for six weeks; without a daily close confirmation, it is not a true breakout: intraday spikes and closing above are two different things 2. Severe multi-timeframe divergence: 1-hour and daily charts are bullish, but weekly and monthly charts still strongly signal sell — the major bearish structure remains unchanged 3. This rebound is driven by short squeeze; spot demand has not yet returned: CryptoQuant defines this as a "liquidity trap under low volume," so sustainability is questionable 4. Funding rates have risen to a 20-month high: longs are becoming crowded, and any pullback could trigger high-leverage liquidations, amplifying the decline 5. Daily stochastic indicator at 96.6 is overbought: the rebound may be running out of momentum 6. The average cost for short-term holders at $68,700 is a natural resistance: short-term holders in loss tend to sell during price rebounds to cut losses $BTC $ETH $SNDK #财报观察员：小米Q2财报出炉，是汽车救场还是手机拖后腿？

Key focus points: · Whether 65,000 can hold at daily close — can the six-week iron ceiling be completely broken · Whether 65,700-66,000 can break out with volume — confirmation signal to open upward space · Whether the 64,000-64,500 pullback can stabilize — a healthy pullback is the foundation for continuing upward $BTC $ETH $NOT #宇树科技科创板首日开盘暴涨629%，高估值如何兑现？

Funding: Short squeeze drives rebound, spot demand still to be confirmed Short liquidation drives the rise This round of rebound is mainly driven by short squeezes in the derivatives market, rather than a clear recovery in spot buying. Yesterday, Bitcoin broke through 65,000, triggering about $23 million in short liquidations. The short liquidation volume reached 637 BTC, the highest since July 21. However, the $23 million liquidation scale is not large, indicating that shorts have not been completely flushed out. A true short squeeze rally requires a larger liquidation volume to push the price further up. ETF ends 5-day outflow, but momentum is limited Yesterday, spot ETFs saw a net inflow of $137 million, ending a previous 5-day outflow streak. This is a positive signal, but the inflow momentum is limited and insufficient to confirm that institutional trends have reversed. Funding rate rises to a 20-month high Bitcoin perpetual contract funding rates have risen to nearly a 20-month high, with longs paying higher costs to maintain leveraged positions. This means longs are becoming crowded, and if prices pull back, high-leverage long liquidations could exacerbate the decline. The mid-term moving average around $66,300 remains a key resistance, and the price has not effectively broken through. A spike in funding rates itself does not necessarily mean the trend has reversed. $BTC $ETH $CORE #闪迪回落逾9%，存储估值分歧加剧