Bitcoin has demonstrated notable resilience, reacting strongly to a recent soft inflation report, outperforming major equity indices. This marks a shift as Bitcoin's correlation with equities loosens, while its inverse relationship with the dollar strengthens, indicating liquidity is now a key driver. Long-term holder capitulation has decreased, and profit-taking has subsided, suggesting a potential bottoming process. Despite these positive signs, the market awaits a crucial catalyst: spot buying. While derivatives traders are unwinding downside bets, spot market activity remains subdued. The Short-Term Holder Cost Basis near $69,000 represents the next resistance level, where a strong market reaction is anticipated. Until spot buying materializes, the recovery remains tentative, with ETF flows stabilizing but not yet reversing.