On May 22nd, as prices approach the upper boundary of their range, market focus shifts to the synchronization between capital flows and risk appetite to determine whether the rebound has a solid foundation for continuation. According to analysis, when spot and derivative data present diverging signals, prices are more likely to rebalance positions through oscillation rather than immediately establishing a unilateral trend. From a capital perspective, some indicators primarily reflect behavior from the recent past and may not be synchronized with short-term rebounds. Monitoring changes in trading volume, demand for option protection, and funding rates can help assess whether the market is undergoing a "recovery after a correction" or forming a more robust bottom structure. Meanwhile, the influence of macroeconomic variables on risk assets cannot be overlooked: when interest rates and the U.S. dollar experience heightened volatility, digital assets may passively absorb fluctuations resulting from sentiment shifts, leading to more frequent short-term surges and pullbacks. Key areas to watch going forward include whether capital flows back into the market, whether critical price levels can be effectively defended, and whether the derivative sector continues to deleverage. Analysis suggests that a rebound is more likely to transition gradually from range-bound oscillation to trend extension only under conditions of simultaneous improvement in both capital flows and market sentiment.