$BTC ### I. Common Reasons for Callback

1. **Technical Adjustments**: Profit-taking after a rapid increase

2. **Macroeconomic Impact**:

- Changes in Federal Reserve monetary policy

- Transmission of volatility from U.S. stock markets

- Strengthening of the U.S. dollar index

3. **Regulatory Dynamics**: Such as SEC lawsuits, new regulations in various countries

4. **On-chain Data Alerts**:

- Increase in exchange inventory (selling pressure signal)

- Significant transfer anomalies

5. **Derivatives Market Liquidation**: High leverage leading to chain liquidations

### II. Current Market Characteristics (2023-2024)

- Fluctuations in Bitcoin ETF fund flows

- Decreasing correlation between altcoins and BTC

- Record high open interest in options

- Miner reserves dropped to multi-year lows