USDT liquidity has emerged as a key factor in Bitcoin's price stability, according to CryptoQuant analyst EgyHash. The 60-day change in USDT market capitalization indicates a sharp reversal from the liquidity contraction seen from late 2025 to early 2026, forming a V-shaped recovery. Bitcoin is currently trading between $77,000 and $78,000. The analyst highlights that the shift from negative to positive liquidity typically signals increased volatility and suggests the market has moved from a capital withdrawal phase to an aggressive replenishment phase. This transition is providing structural support for Bitcoin's current price levels. However, the medium-term outlook hinges on whether new USDT inflows can translate into spot demand.