Bitcoin: Major Demand Holds, but Supply Still Caps UpsideBitcoin / US DollarCOINBASE:BTCUSDStructure_ViewBitcoin is attempting to recover after another test of the $62.8K–$63.3K major demand zone. The reaction from this area is constructive, but the broader short-term structure remains incomplete. Buyers have defended support several times, yet every meaningful recovery continues to stall below the $65.1K–$65.4K supply zone. That leaves Bitcoin trapped between two clearly defined levels. The first bullish signal would be a sustained move back above $64K, which would confirm that buyers are regaining short-term momentum. From there, the market could attempt another test of the $65K region. The more important confirmation, however, would come only after a clean break above major supply. Until that happens, the current move should be treated as a recovery from demand rather than a confirmed trend reversal. The macro backdrop is slightly more supportive for risk assets. Recent U.S. inflation data and producer prices have reduced expectations for an immediate Federal Reserve rate hike, while Treasury yields and the dollar have eased. That has helped broader risk sentiment and provided some support for Bitcoin. At the same time, institutional demand remains less consistent than earlier in the cycle. ETF flows have weakened materially this year, which means strong upside moves may require a fresh catalyst rather than relying purely on macro liquidity. Bullish Scenario As long as Bitcoin holds above $62.8K–$63.3K, the recovery scenario remains valid. A move through $64K would put the $65.1K–$65.4K supply zone back in focus. A confirmed breakout above that area could open the door toward $66K and higher. Bearish Scenario A clean break below $62.8K would invalidate the current demand reaction and suggest that sellers remain in control. That would expose lower support levels and increase the risk of another leg toward the psychological $60K region. For now, Bitcoin is sitting at a genuine decision point. Does major demand launch another move toward $65K, or is this just another temporary bounce inside a broader range?