The rebound of BTC encountered resistance at the first level of the "0.75 percentile cost line", which was also our psychological expectation before. From the 0.65th percentile to the 0.75th percentile means that an additional 10% of the chips have been 'unlocked'. Given the current cautious investors, it is understandable that there may be some selling pressure. Over the past month, we have observed data from multiple perspectives, including chip distribution, whale behavior, LTH selling, contract directional premium, and option fund structure, and concluded that panic sentiment is gradually recovering. But there is only one piece of data that is not very satisfactory, or that worries me a bit - the BTC balance on the Binance exchange. (Figure 1) From Figure 1, it can be seen that during the period of 12/10-12/29, Binance's BTC balance increased. In the past two years, whenever Binance's BTC balance has increased, the corresponding BTC price performance has not been very good. We can consider it as a manifestation of potential selling pressure within the market. Fortunately, after entering January, the balance finally began to decline, and at the same time, BTC prices also experienced a slight rebound; Whether we can keep up or pull back and forth at key resistance levels depends on whether we have enough purchasing power to continue absorbing the selling pressure on the exchange (transferring BTC out of the exchange). Of course, this is not the only factor, but it is a very important part. (Figure 2) Figure 2 shows the net transfer volume of large funds on the Binance exchange; Yellow indicates a single fund between 1M-10M US dollars, while red indicates a single fund greater than 10M US dollars; In mid April of the 25th year, it was precisely due to the large-scale transfer of funds in the same direction that BTC quickly rebounded from $85000 to $95000, with the main group consisting of large investors with amounts ranging from $1M-10M. At present, although the direction of large funds is also consistent with outward transfers, the scale is far less than that in April last year. Therefore, we believe that the purchasing power (demand) at this time is not strong enough to quickly push BTC to a higher level. So, it should also be impossible to replicate the trend after mid April 25 years. More time and external stimuli are needed.