On July 23rd, funds related to Bitcoin have recorded net inflows for multiple consecutive trading sessions. According to analysis, the cumulative capital flow over six days is close to $930 million, with the price returning above $65,000, indicating some improvement in market sentiment compared to earlier periods.

The return of capital and the price rebound have occurred simultaneously. The view is that the area around $68,000 remains a significant resistance zone, as some recent buyers nearing their break-even point may become more inclined to sell.

While spot demand has shown some improvement, trading activity remains below the year's peak levels. The sustainability of the rebound or a return to range-bound consolidation will depend on whether fund flows, derivatives positioning, and spot trading volume can strengthen in unison.

The key focus going forward is to observe trading confirmation following a potential break above critical price levels. It is anticipated that if capital inflows remain stable and volatility is contained, the market structure may continue to mend. However, the risk of a short-term pullback still warrants objective consideration.