The holding ratio of Bitcoin for $BTC has shown a downward trend. Both futures contracts and the spot market are seeing a reduction in investors' positions. This indicates that many investors who have made profits are choosing to exit the market, while those considering short positions are also becoming cautious, worried that a market rebound could lead to losses from shorting at the bottom.

In the short term, we need to closely monitor the support level of Bitcoin at $67,800. If the price falls below this level, a trend-based short position could be considered. However, it is advisable for short sellers to refrain from entering until this support level is broken, as this is a more prudent strategy.

From the perspective of trading from the right side, if the price breaks below $67,800, it may further decline by at least $2,000. Currently, long positions are approximately seven times larger than short positions. If the price rises to $70,000, about $400 million in short positions can be liquidated; whereas if the price drops to $65,000, $2.263 billion in long positions will be at risk of liquidation.

The market may adopt a strategy of first rising to $70,000 to attract investors looking to go long, then quickly retracing to $67,000, and eventually declining to $65,000. Such market movements will undoubtedly pose great stimulation and challenges for investors.