Maximum 110700? Minimum 103000? No worries, I've planned everything.

The BTC market is not yet reversing, please do not be overly optimistic!

Last week we mentioned that there might be a short-term oversold rebound at the daily level, with structural support around 103000. Indeed, it has rebounded more than 3400 points, and we are only about 500 points away from our second take-profit position; our short position will still be set around 107000, primarily based on the judgment that there has still not been sufficient adjustment near 103000. Now, if it goes up, my judgment is that this is just a pullback, unless it rises and stabilizes above 108600, otherwise, I still see it as bearish.

From a capital perspective: On June 2, BTC spot ETF had a net outflow of 268 million USD, while the alternative spot ETF had a net inflow of 78.17 million USD; long-term holding whale addresses experienced a wave of selling on May 27, roughly selling 2.5 billion USD, indicating that while this may not necessarily be an absolute peak position, it is at least a high range. Perhaps another wave of increase followed by a large sell-off could confirm this round's peak position, which I estimate to be around 125000.

From a technical perspective: The current resistance levels are around 106400 and 107400. We will focus on the non-farm payroll data coming out Friday night. The current trend may be a choppy one, and the market will have a new direction after Friday's non-farm payroll data is released;

In the future, we still see choppy movements, only with prolonged volatility will there be a significant fluctuation.