Two weeks ago the timeline was calling for new lows. Today both majors are back above their key levels on rising spot volume, and the same accounts are posting six figure targets. The speed of the sentiment flip is the story, not the price itself.
What actually changed
Stablecoin inflows to exchanges picked up for the first time since March, and perp funding stayed flat through the entire bounce, which means this move was led by spot buyers rather than leverage. That is the healthiest kind of rally. It does not guarantee continuation, but it earns the benefit of the doubt.