BTC： Yesterday, a small bearish candlestick with a long upper shadow closed at the daily level, indicating significant selling pressure above $84000, accompanied by a certain amount of potential, indicating strong market selling power. Overall, based on macro data, the net outflow of 3450 US spot Bitcoin ETFs (approximately $278 million) yesterday reflects the cautious attitude of institutional funds; If the long short ratio is above 2.6 and the long position is too high, the short-term oversold rebound may be limited or only a dead cat rebound. The bottom has not yet been reached, indicating that there may still be room for decline. From a historical trend perspective, the local bear market characteristics of Bitcoin are obvious, and the bottom may not yet be explored.