Brother Hao combines the current market news to see that Bitcoin is currently in a stage of macro pressure and institutional long-term optimism. The short-term trend is weak, with the possibility of further declines, but the mid-term structural bottom has begun to show and has been recognized by traditional financial institutions.
Short-term market bearish factors dominate: rising U.S. Treasury yields and increasing oil prices are exerting dual pressure on the crypto market, with funds clearly being diverted. Additionally, Bitcoin ETFs have shifted from inflows to outflows, with nearly $300 million flowing out in a week, and there has been panic selling on-chain, with over 20,000 BTC transferred to exchanges for loss liquidation. Technically, it has also broken down, with weak rebounds and a clear bearish trend, key resistance above is at 67300-68800, and support below is at 64000-62000.
The short-term bearish forces have not yet been fully released, and prices are likely to test the long-term holder's cost support zone of 63200-58000. However, there is no need to be overly pessimistic in the mid-term; the current panic selling is actually a transfer of chips from weak hands to institutions and long-term holders, with Fidelity and Goldman Sachs also optimistic about this position, indicating that the bottom support in the future is relatively solid.
Brother Hao's long position yesterday was accurately placed, and today remains bullish. It is recommended to gradually go long around 66600-65800, with the first target at 67500, and if broken, continue to look at 68800. Be sure to set stop losses and rationally control risks. #BTC $BTC
