Bitcoin (BTC) experienced a slight increase of +0.18%, with price fluctuations narrowing to the $67,800-$68,000 range, and market attention rising. This period is in the recovery phase after an extreme pullback, with investors feeling extremely fearful following last year's high point decline and the lows in early February. However, short-term volatility has noticeably eased, and the market's short-term wait-and-see sentiment has strengthened. The main driver of this movement is the intensification of on-chain fund outflows. Data shows that on February 15, BTC exchange net outflows reached -2,108 coins, indicating large holders are choosing to withdraw from trading platforms, increasing short-term holding willingness and significantly reducing selling pressure. This action directly lessens market selling pressure, and combined with a slight rebound in the fear index, provides support for a short-term bounce in BTC prices. Meanwhile, U.S. CPI data did not show extreme negative surprises; inflation remains high but expectations are stable, and market risk appetite has marginally improved, creating a favorable environment for short-term recovery of risk assets. Additionally, the previous large outflows of ETF funds that had a sustained impact on the market have been absorbed. The fear and greed index has risen from 9 to 14, indicating some funds are beginning to test the waters. Technically, the RSI below 30 signals short-term oversold conditions. The macro environment remains complex: gold continues to attract safe-haven funds, but inflows are gradually weakening, and buying strength within BTC's consolidation range has increased. Multiple factors resonate, leading to a coexistence of bullish and cautious behaviors. Stable capital flows and technical indicator resonance are driving a short-term rebound.Currently, the BTC market remains in the fear zone, and the rebound has not yet broken through the main resistance zone ($72,000-$73,500). Volatility risks still exist, and macro policies, ETF net flows, and further on-chain fund movements require close attention. Traders are advised to monitor support zones ($60,000-$61,000), on-chain large fund movements, and the latest macroeconomic developments, remain alert to sudden volatility, and gather real-time market information to assist decision-making.