Today's market At present, the fundamentals remain unchanged, with yesterday's CPI being dovish (especially for several core judgments) and today's PPI still being dovish . In terms of funds, yesterday's ETF saw a net inflow At the same time, the spot CVD of Coinbase continued to rise (continued buying) before today's trading session. From the real-time Coinbase premium today, there are also signs of ETF inflows continuing. So currently, there is still a surplus of funds . ----------------- Hanging Order (Figure 1) From the pending orders, it appears that contract funds have been intensively deployed in various ways recently . It can be seen from the contract pending order in the upper right corner of Figure 1. Now 63.4k~63.8k is another place for large-scale contract buying and hanging orders. It has become an obvious point of squatting much lower from today to tomorrow. For specific details, you can refer to the 2-day hard control of the contract hanging order of this scale last weekend (the one on the upper right, inner left in Figure 2) There aren't any decent sales orders above Spot goods are all grids with integer thresholds. The contract also has some sparse hanging below 66k. From the perspective of the ribbon model (Figure 2) Now this place is sparse and there is a distance from the current price .. So unless there is a large volume entry model, 65.5k is not a very good empty place here . ----------------- There are no major changes on the whale chart (Figure 3) In the past two weeks, I have been keeping an eye on this giant whale with a price of 1300BTC, and he has also been adjusting the position of pending orders in line with the situation He can be considered as the clear card of the Sea God Needle for bulls during this period .. ---------------- Structurally speaking (Figure 4) Just now, this happened to hit an equal high before 65.6k Just a little short of SFP So it's impossible to determine if it's exhausted here, we can only continue to observe. Some liquidity is concentrated around 66k and above the previous high of 65.6k. At the same time, if we follow a symmetrical rebound of around 14% The first noteworthy high-altitude point is around 66k. And the higher altitude is at 68k (average holding cost of large pending orders+short-term on chain customers) ------------ So today, overall, let's take a look .. At an altitude of 66k, this is just a place of structure and fluidity There aren't too many actual pending orders It is best to wait for the high volume SFP to plug in the liquidity and retrieve it before entering here .. If CVD still boils the frog in warm water like this, it won't be empty. Below 68k (there should be some sprinting) will be a higher altitude position with greater confidence .. As mentioned earlier, the position of pending orders for contracts between 63.4k and 63.8k is still low and high