Bitcoin Daily Report #美国核心CPI创四年新低

After failing to break the $70,000 mark yesterday, Bitcoin continues to trade within a narrow range, currently around $68,500. Although inflation data has cooled and macroeconomic conditions have eased somewhat, market structural fragility remains a balancing factor.
As of mid-February, the crypto market continues to be under pressure: E-T-Fs are still experiencing outflows, and prices have fallen below $70,000, indicating ongoing market structural weakness. Last week, spot Bitcoin saw a net outflow of $360 million, while Ethereum experienced outflows of $161 million. Capital flows remain under pressure, reflecting a preference for structural rotations rather than a broad increase in risk appetite.
Market liquidity conditions are still tight, and risk appetite remains subdued, so the market is showing fatigue rather than panic. From an order book perspective, buy orders within the current price range amount to approximately $595 million, while sell orders are around $295 million, creating an almost 2:1 imbalance. Such a tilt in buy orders suggests immediate demand exceeds supply; if this structure persists, it could support a short-term upward trend. Nine out of ten gaps are filled, and the current C-M-E gap in February is roughly between $80,000 and $84,000, making this a clear technical threshold.