Based on the data for Bitcoin, the turnover rate continues to rise, and investor sentiment remains under pressure. However, from the $BTC data transferred to exchanges, the new sell-offs are not significant, but the exchange reserves are increasing, indicating that buying power is decreasing. From sentiment to capital volume, everything is in disarray, which really shows signs of entering a bear market.

However, URPD data shows that the chip structure is still quite healthy. Early investors and those at high positions with losses haven't changed much. Most investors' sentiment remains quite stable. But due to the lack of buying power and liquidity gaps, even small sell-offs can't be absorbed by the market.
We should also keep an eye on tonight's CPI.
A pullback around 62,260 can be used to add long positions. The rebound target can be seen around 63,500-64,900. A pullback to around 67,350-68,230 can be used to add short positions, with targets around 64,400-62,300.