Bitcoin is currently experiencing a wide range of volatile market conditions. Now the price has exceeded 61000, the direction has emerged, and the Air Force has temporarily lost. The price has rebounded upwards. The range of wide range volatile market is 58000-68000. The current first target price for rebound is 64000, followed by below 68000. Why is that? We can see clearly who is selling and who is buying through the two sides of the long short game below. The continuous decline in ETF prices is not necessarily due to the crazy selling of ETFs, because there are also super whales and long-term holders who are more firm and long-term oriented than ETFs. I need to change my thinking habits about this. When it was around 120000 yuan, ETF institutions crazily bought Bitcoin with huge amounts of money, with a weekly net inflow of over 3 billion US dollars. However, Bitcoin still surged and fell sharply. ETF institutions are sometimes forced to buy because their clients buy in FOMO sentiment. The majority of users of ETF institutions are actually retail investors. When we see ETF institutions selling wildly and net outflows of huge amounts in a day, the bottom of this bear market appears. Recently, ETF institutions have been continuously selling, with super whales and long-term holders taking over. Bitcoin has completed a round of turnover, with strong buying power around 58000 yuan. The price has not exceeded 58000 yuan three or four times, so it will naturally rise and rebound. We are accustomed to using the unilateral thinking of trend market to view the development of the market, and we are accustomed to using the fund flow of ETF institutions to predict the direction of the market. In fact, we have overlooked the power of super whales and long-term holders in volatile markets. Finally, the weekly level fifth wave of a bear market's decline is often a very complex extension wave with ups and downs, and will not be as smooth and continuous as the first and third waves. There is a 90% chance that it will arrive around 45000, but not this month. Look at Zhang in July, go with the flow.