February 14 News, the latest U.S. Consumer Price Index (CPI) was reported at 2.4%, below market expectations of 2.5%, providing a short-term boost to risk assets. Bitcoin subsequently strengthened, closing the day up 3.93%, marking its largest single-day gain in two weeks. However, despite the rapid rebound, BTC remains below a key resistance zone, and market opinions are divided on whether the rally can continue. Previously, U.S. employment data exceeded expectations, indicating resilience in the labor market, which sparked intense discussions about the pace of interest rate cuts. Some investors believe that an overheating economy will force the Federal Reserve to delay easing measures; meanwhile, the decline in CPI temporarily eased inflation concerns, restoring confidence among bulls. The price increase was accompanied by a clear short squeeze. Data shows that approximately 85% of recent liquidations came from short positions, totaling nearly $267 million. However, from a technical perspective, buying momentum has not yet formed sustained strength, and significant liquidity remains concentrated near key levels. In the $70,000 to $75,000 range, about $150 million in sell pressure constitutes a major resistance. If this level cannot be effectively broken, the current rebound may still be a short-term correction. On-chain signals also reflect cautious sentiment. Although prices have stabilized, funding rates remain negative, indicating that short positions have not fully exited the market. Additionally, after two consecutive days of outflows, ETFs saw a slight net inflow of about $15 million, suggesting some funds are tentatively re-entering, but the scale is still insufficient to reverse the trend. From a broader macro perspective, even with improved inflation data, American investors remain cautious, worried about a potential pullback. The current rally appears to be driven more by passive short covering rather than new capital entering the market. If subsequent momentum cannot be sustained, bulls may face renewed pressure.