Today Friday, watching the pancake repeatedly rubbing around the 70000 mark in the past two days, many groups began to shout "Cow returns quickly" again. But this morning, I carefully reviewed the underlying order flow data and the latest macro fundamentals, and found that the current market is likely in a trap of being carefully arranged by large funds. Let's first see if the 'water' in the overall environment is sufficient. Yesterday, Lao Bao's latest statement basically extinguished the expectation of interest rate cuts within the year, and in addition, the Wall Street spot ETF data in mid March has begun to show significant sustained net outflows in recent days. The flowing water is receding, which is the underlying logic behind the secret distribution and retreat of large funds. Returning to today's market structure, the daily chart has essentially fallen below the key trough of 75000, and the long-term bullish trend has been disrupted. A while ago, it pierced 76000 and was quickly hit back, completely a textbook level fake breakthrough scan damage. In the past few days, the market has retreated to around 68k-69k, and we do see the main players taking over from the footprint map. However, this is not essentially to take everyone to create a new historical high, but to do a 'bear market pullback'. Where is the endpoint of this wave of backdraws? Based on the order flow and Fibonacci retracement in the past few days, the true strong resistance and bullish endpoint are likely to fall within the range of 73000 to 74500. The main force is highly likely to break the bearish stop loss at that position, attracting retail investors to crazily chase higher prices over the weekend or early next week, and thus building a macro lower high. Once the buying market above 73k shows signs of decline, it is likely to usher in a true main downtrend, targeting liquidity troughs of 60000 or even lower. So today's operational logic is actually very clear: there is no problem with a short-term low long rebound around 69k, but don't go into the pattern; The true password to wealth is to patiently wait for the long short battle in the 73k-74.5k range. Do you think the rebound that started today is due to the main force's good intentions of "reversing and picking up people", or is it to trap the last wave of high chasing people around 73000? BTC