Rationale for Bullish Support Today

1. Easing Middle East tensions boost global risk appetite; US stocks hitting new highs provide correlated support
Steady progress in US-Iran negotiations and a pullback in crude oil prices have partially offset upward inflation pressure. With US stocks repeatedly hitting all-time highs, overall market risk appetite continues to rise. Bitcoin shows strong correlation with US tech assets; benefiting from improved market sentiment, it has successfully stabilized above the key psychological level of $64,000. Pessimism from the earlier pullback has largely dissipated, buying support at lower levels has strengthened, and the potential for a deep decline has been effectively capped.

2. Single-day capital inflows into spot ETFs; short-term institutional buying provides incremental support
ETFs recorded a small net inflow over the past 24 hours, reversing the previous trend of continuous redemptions. This indicates that institutions view the $63,000–$64,000 range as a low-level zone with allocation value; short-term capital entering to "buy the dip" has provided the liquidity needed for the price to stabilize above $64,500. While the single-day inflow volume is limited, it has at least alleviated the bearish pressure from sustained outflows, signaling an improvement in short-term buying momentum.

3. Support structure steadily rising; key support levels have successfully shifted roles
The previous resistance zone of $63,800–$64,000 has successfully transformed into the current short-term bullish "lifeline," with strong buying support emerging whenever the price retests this range. The secondary support zone of $63,400–$63,600 remains solid, and the defense of the medium-term trading range floor ($62,700–$63,000) holds firm. As long as the short-term lifeline of $63,800 is not decisively broken, the current structure of oscillating upward movement—initiated from the lows—remains intact, giving the price the momentum to continue testing resistance levels above.