BTC’s upward momentum is supported, but the risk is not over. On the macro side, easing inflation is positive. However, high bond yields and tight liquidity conditions remain BTC’s biggest headwinds. ETF inflows are strong. On-chain data shows reduced selling pressure. Funding rates are not yet excessive. Open interest is rising, but the critical point is this: If price rises alongside increasing spot volume and ETF inflows, the move is healthy. If price stagnates while open interest expands, a sharp long liquidation is likely. Currently, my outlook is cautiously positive. The upside potential is stronger, but a severe liquidity sweep on the leveraged side remains a risk. In short, the direction supports upside, but sustained spot demand is essential for a healthy move.