Has the short-term decline adjustment of BTC ended?

1) From the perspective of the strength of long and short positions at the four-hour level, the short selling volume in the past two to three months has shown a decreasing trend, thus a deep decline seems unlikely;

2) A super large sell order appeared around 120,000 on yesterday's order book, with some BTC being sold by ancient fossil hands, causing significant short-term price fluctuations;

3) The main funds have experienced a net outflow in both spot and contract markets within 24 hours, with a slightly less net outflow in spot;

4) On the 14th, U.S. ETF institutions had a net inflow of 297 million USD, and there should have been a net outflow yesterday. The ETF institutions did not have a significant net outflow, indicating that ETF institutions are still likely to remain bullish on the market outlook;

Summary: BTC has fallen to the strong gravitational position of 0.618 in the Fibonacci ascending channel, around 106,000, and the short selling volume has also significantly decreased. Therefore, the price dropping to around 106,000 is basically a phase low point, and after some days of consolidation, it is expected to rise again.