I’d rather define the current rally as: a short squeeze driven by liquidity expectations. Looking at the price action, bitcoin:native has been steadily climbing since bottoming out near $58K, without any sharp surges. Instead, it’s been gradually raising its lows along an upward trendline, oscillating its way toward the upper boundary of the $67K range. This kind of movement isn’t driven by retail sentiment—it’s a classic institutional play to control the pace of the rally. They’re not giving those who missed out an easy chance to jump in, nor are they letting shorts easily stop out. The real driving force comes from macro expectations. Recently, U.S. equities have remained strong, risk appetite is steadily recovering, and capital is starting to flow from traditional risk assets into high-volatility BTC. At the same time, spot ETFs have seen consecutive days of net inflows, indicating that the real buyers aren’t retail investors but allocation-focused funds. The market is preemptively trading on the possibility of dovish signals from the Fed’s meeting at the end of the month, rather than waiting for the results to act. But what’s truly worth cautioning is that expectations often run ahead of reality. The price is now nearing the upper boundary of the range, and much of the market’s optimism about improved liquidity is already priced in. If the meeting results merely meet expectations without delivering new incremental information, Wall Street’s favorite playbook—“buy the rumor, sell the news”—could come into play. At that point, we can’t rule out the possibility of major players using a breakout to lure in buyers, only to cash out their positions at the highs. So, what I’m watching now is whether the move above $67K is a genuine breakout or the final round of liquidity harvesting. The real factor determining the next phase isn’t the candlestick chart—it’s whether the Fed can deliver on the expectations the market has already priced in. That’s the biggest variable for the week ahead!