☀️《Three-Dimensional Integrated Trading System｜BTC Market Morning Express》 ----Bull volume is trending downwards; 74.4K is just a pause point. See the blue bullish volume fluctuation curve in the chart below 1. Volume: Bullish volume is decreasing, and rebounds are weak. On the four-hour chart, the bullish volume curve has been continuously declining from the high point at the end of October, with each rebound weaker than the last. Yesterday, CPI hit 72,670 before rebounding above 74K, but the pullback was significantly weaker than previous ones. Although bearish volume hasn't continued to increase, the bulls haven't even been able to mount a "decent counterattack." Volume Judgment: With decreasing bullish volume, the rebound ceiling is at 75,000. If it can't break through, 74.4K is just a continuation point in the downtrend, not a bottom. 2. On-Chain Data: Short-term holders are capitulating, and ETFs are withdrawing. Short-term holders transferred 47,025 BTC to exchanges on Tuesday, all at a loss. Now, for every 1 profitable BTC transfer, 27 are transferred at a loss. This is panic selling, not smart money buying. ETFs saw a net outflow of 95 million yesterday, and BlackRock's IBIT has experienced net outflows for seven consecutive trading days, accumulating a loss of 1.66 billion. Only Morgan Stanley's MSBT saw a small inflow of 20.03 million, a drop in the bucket. On-chain assessment: Short-term holders are surrendering, and ETF losses haven't stopped. Selling pressure is real, and buying pressure can't keep up. 3. Structural pattern: 73K-75.5K is a gap; look down to 71K. After confirming a head and shoulders reversal pattern on the daily chart, BTC has been trending downwards in a volatile manner, showing relative weakness. The 21-week moving average is at 73,078, which was already pierced yesterday at a low of 72,670. If the daily close is below 73K, the next target is 68K-70K. International Situation: CPI exceeded expectations, and US Treasury yields broke 5%. The 10-year US Treasury yield returned to 5.02%, essentially confirming a December rate hike. Oil prices are falling, with WTI at $87.70 and Brent at $93.40, indicating persistent inflationary pressures. Tech stocks are rebounding, but BTC's weak rebound suggests it's currently being drained of liquidity. Core Judgment: Bull momentum is decreasing, short-term holders are capitulating, and ETFs are withdrawing. 74.4K is merely a temporary pause, not the bottom. 75,500 is the ceiling for the rebound; failure to break through this level indicates continued bearishness. 73K is the short-term support level; a daily close below this level would target 71K, and further down, 68K represents the 200-week moving average, a truly worthwhile long-term investment target. Do not chase the short position; instead, cautiously buy the dip in batches with small positions.