BTC Short-term Market Commentary:

1) Both the bearish and bullish volumes have shrunk to the floor. Although the bulls made a counterattack, the strength was too weak. It is estimated that the rebound will reach around the 0.618 position, which is approximately 114,000, and then it will likely stall;

2) The price is still within the daily trend I previously expected. After the rebound, it is highly likely to continue moving downwards;

3) Although ETF institutions have seen net inflows for two consecutive days, yesterday's inflow was only 88 million, which is halved compared to the day before. The probability of BTC continuing to decline is quite high.