[Analyst: USDT Liquidity Shows V-Shaped Recovery, Providing Structural Support for Bitcoin's Current Price] According to CryptoQuant analyst EgyHash, USDT liquidity remains the primary driver of Bitcoin price discovery. Data on the 60-day USDT market cap changes indicate that the market has sharply reversed from the liquidity squeeze seen at the end of 2025 to early 2026, showing a V-shaped recovery, while Bitcoin consolidates in the $77,000 to $78,000 range. Historically, the shift from negative to positive liquidity is often a leading indicator of volatility expansion. The analyst believes the market has transitioned from a capital withdrawal phase to an aggressive replenishment phase. This shift provides structural support for the current price, but medium-term success depends on whether the newly added USDT can translate into sustained spot demand.