Three dimensional integrated trading system | BTC market analysis (3/3): structural form and core judgment Structural form: Narrow range fluctuation and oscillation structure, with the volatile market remaining unchanged. BTC is under pressure above 85K, with support at 81K. The price will fluctuate and accumulate momentum within this range, and the direction will be determined after the CPI data is released. Xiaolong's core judgment: The 10-year and 30-year yields of US Treasury bonds have soared to around 5.5%, and global interest free assets have been repriced. The price of gold is around $4170, slightly lower. The international crude oil price fluctuated around $106. Both chip and semiconductor stocks in the US stock market have plummeted, with only a few stocks such as Microsoft and Apple experiencing slight gains. Gold fell, US stocks fell, Bitcoin prices first fell and then rebounded, BTC is already very strong. High oil prices strengthen inflation expectations, and pressure on long-term US Treasury yields persists. This is the origin of the chain of "oil prices → inflation → interest rates → liquidity". These two prices will not provide direction for BTC until tomorrow's CPI data is released. At present, the narrow fluctuation market has limited operating space, and Wednesday's CPI is a short-term catalyst. From the data on the chain, it is highly likely that the price will rebound again below 88K in the mid line direction. However, in the short term, macro fundamentals are suppressing Bitcoin's price to break above 88K.