BTC is struggling to survive above the 0 axis, with weak bulls. Don't be fooled by the rebound! Don't be fooled by Trump's rhetoric! 】 Prepare the bullets, patiently wait for the rebound to be in place, and hammer dry BTC with a heavy hammer ❗ ️ BTC is currently trading around 74000, with a daily close of 74092. Fibonacci 0-axis 72012 is currently the most critical defense line. The price is hovering above the zero axis, but the rebound is not significant, and long positions can be weak. 1. List of core data. BTC current price: 73800-74200 Daily trading volume: 117000 pieces 24-hour fluctuation:+0.68% (low point 72436) Key support: 72012 (Fibonacci 0 axis) Strong resistance: 75500-76500 Fear and Greed Index: 22 (Extreme Fear) 2. ETFs have been experiencing net outflows for 9 consecutive days, and institutions are withdrawing. On May 28th, the Bitcoin spot ETF had a net outflow of $229 million, marking the 9th consecutive trading day of net outflow. BlackRock IBIT had a net daily outflow of $178 million, while Grayscale GBTC had an outflow of $26.19 million. Since May 14th, the cumulative net outflow of ETFs has exceeded $2 billion. Institutions are retreating, not individual investors. BlackRock was the first to bear the brunt and became the main force in selling BTC. 3. Macro fundamentals: PCE hits three-year high, US Iran agreement pending approval. In April, PCE was 3.8% year-on-year (a new high since May 2023), and core year-on-year was 3.3% (a new high since November 2023). Inflation is running at a high level, and the shadow of interest rate hikes has not dissipated. The 10-year US Treasury yield is 4.57%, far above the "danger zone" threshold of 4.3%. The United States and Iran have reached a 60 day memorandum of understanding, which includes opening the Strait of Hormuz and lifting the blockade, but Trump has not yet approved it and still needs "a few days to consider". The probability of the Bank of Japan raising interest rates in June is about 75-78%, and the FOMC+Bank of Japan dual meeting on June 16th will clash. 4. Market state: The 0 axis of the Fibonacci uptrend channel is the final fig leaf. The 4-hour chart shows that the high point of each rebound is decreasing. Short positions can continue to increase, while long positions are unable to organize effective counterattacks. This is not bottoming out, it is a 'downward relay'. 72012 (Fibonacci 0-axis) is currently the most critical technical level. If held, it will oscillate; if lost, it will accelerate towards 69500-67500. 5. Trading strategy. We are currently observing around 74000 and will not open new positions. Short selling conditions: rebound to 75000-76000 with a bearish signal, layout in batches. Stop loss 77000, target 72500 → 71500 → 70000. The entry position for short selling is shown as the hammer in the following figure As shown. Continue to hold the mid line empty position, with a target of 72000 → 69500 → 67500. The direction of the fifth wave of decline remains unchanged, and the zero axis is the "first stop", not the "final stop". 45000 to 50000 is the ultimate goal. 6. The final reminder. 72000 is the last line of defense. Zero axis can be held, BTC can still survive for a while; Unable to hold on, the space below opens up. Don't be fooled by the small bullish candlestick. Rebound without quantity, continue to decline. Non investment advice, for reference only, profit or loss is at your own risk. BTC, Bitcoin 3D Integrated Trading Analysis, 5th Wave Open ETF Continuous Outflow