Unfortunately, bitcoin:native might be heading back into a downward trend again. Over the past 10 trading days, BTC ETFs have seen a net outflow totaling $347.9 million. Short-term holders' cost basis is at $79,100, and it took less than a day to break below that level. The next dense price range is between $65,000–$70,000, which corresponds to the purchase prices of BTC investors between February and April. These investors taking profits could also push BTC below $70,000. Also, the usual suspects like U.S. Treasury yields and oil prices are back in focus. The 30-year Treasury yield has broken above 5%, the 10-year yield has surpassed 4.5%, and oil prices have returned to over $100/barrel with no signs of slowing down. The market's enthusiasm for the macroeconomic outlook isn't as strong as it was last week. Interestingly, even as BTC drops, there hasn’t been much capital flowing into the altcoin market. In fact, as BTC declines, altcoin contract market share has gotten even smaller. In the short term, if BTC doesn’t return to the $79,000–$80,000 range, I’ll consider reducing my position. If it falls below $76,000, the next levels for BTC are between $73,000 and $74,000. If it breaks below $74,000 and ETFs continue to see outflows, it’s pretty much confirmed that we’re in a downward trend.