BTC:

Reviewing the recent decline, long liquidity has been cleared, and shorts are accumulating. Today's market cleared shorts upward, and the price fluctuated between 98300 and 98800. Yesterday's estimate was insufficient, and the actual price reached 101830. The short liquidity in the 102350 and 104000 areas remains to be observed, and whether it breaks through or not affects the trend.

The Bitcoin K-line shows that 102000 is a strong pressure point, and it has not broken through since the decline from 104600. There have been many failures before. If it still fails this time, the probability of a callback is high; if it stands firm, it can relieve pressure. Investors need to pay attention to this key point.

In terms of Bitcoin ETF, BlackRock had no inflows yesterday, Fidelity had an inflow of US$122 million, and the overall net inflow was US$223 million. Fidelity's inflow shows that some institutions are optimistic, and BlackRock is cautious or adjusts its strategy. Funds flow affects supply, demand and prices, and we need to continue to pay attention to dynamics.