Bitcoin has returned above $92,000, and the rhythm of this rebound actually showed signs early on.

The PCE data released on Friday was somewhat positive, but the market did not respond immediately—this kind of lag is very common, and the real rally often starts only after the data is digested. The sharp dip at 10 p.m. last night was a typical liquidity sweep, clearing out quite a few leveraged positions.

Looking back at the November 22 time point, market sentiment was extremely pessimistic back then, but on-chain data was already shifting. If this rebound continues for one more trading day, it will have basically completed this half-month technical correction cycle.

The direction for the next half-month will hinge on Powell's statements. Any slight adjustment in Fed monetary policy expectations will directly affect capital flows and market sentiment.

What's more noteworthy is that on-chain stablecoin supply has significantly increased over the past two weeks, with new funds entering the market daily but remaining on the sidelines. What are these USDTs waiting for? Most likely, they're waiting for a clearer signal to step into the second phase of this month’s market window.