Looking at the current daily structure, bitcoin:native has completed the first phase of an oversold rebound, with the price recovering from around $58K to above $64K, showing clear short-term trend improvement. The rebound has happened, but now is the real moment to determine the direction. The most critical resistance zone for the remainder of July is between $66K-$67K. This area is not only the previous trapped zone but also near the 60-day moving average. If it can break through with volume, $BTC has the chance to further challenge the $70K psychological level. However, if it fails to hold above $67K, this rally is likely just a corrective rebound within a bear market. The most important support level below is $62K, followed by $60K. As long as $60K holds, the overall structure for July remains a consolidating upward correction. The key factor influencing the market's trajectory in July is no longer technicals but capital flow. Recently, ETFs have finally ended their streak of outflows and started showing some net inflows, which is a positive signal. However, the market needs to see sustained capital inflows, not just one day's data. At the same time, U.S. equities and rate cut expectations remain the biggest variables. If U.S. inflation data continues to decline in July, strengthening expectations for a rate cut in September, $BTC could leverage improved risk appetite to push above $67K. On the other hand, if rate cut expectations cool and ETFs turn back to outflows, $BTC is likely to return to the $60K range for consolidation. My take: A unilateral bull market is unlikely in July. It's more probable that $BTC will oscillate and build a base within the $60K-$70K range. What truly matters isn't how much $BTC rises, but whether it can attract sustained capital inflows during the rebound. Because in the later stages of a bear market, price increases are driven by sentiment, but trend reversals are always fueled by capital.