Bitcoin: The native daily chart is not currently experiencing a halt in decline, but rather a weak pullback failure within the downtrend channel. The price fell back to around 61500, and the daily high continued to decline, with 62000-60000 becoming the short-term lifeline. The slightly negative funding rate and the decline in holdings indicate that the long positions have cleared their leverage, but have not yet reached extreme short squeeze. The external environment also does not support a strong reversal. The Nasdaq fell by about 2.2% on June 23, while AI and technology stocks killed valuations. BTC, as a high volatility risk asset, is difficult to independently strengthen in the US stock market during risk reduction. The policy aspect is more crucial. The Federal Reserve maintains the interest rate range of 3.50% to 3.75% and reserves the possibility of raising interest rates; On June 25th, PCE data will determine the direction of the US dollar, US bonds, and risk assets. The ETF side is also weak, with continuous net outflows of BTC spot ETFs on June 22nd and 23rd, and institutional buying has not yet recovered. 60000-61200: Short term defense 57500-56500: Target after falling below 60000 63200-63800: Reverse suction pressure 64500-65000: Threshold for Strong Transformation In the next few days, the market will fluctuate and be bearish. Hold at 60000, and first look at the 62500-63800 draw; If it falls below 60000 and cannot be recovered, let's take a look at 57500-56500. To truly strengthen, we need to wait for BTC to return to 65000, while the Nasdaq stops falling and ETFs resume net inflows.