Bitcoin:native is currently in a weak state. Although there has been a rebound, it's a normal market rebound, and institutional funds haven't bought in yet. Yesterday's rebound was mainly driven by AI-related stocks. CoreWeave's earnings report was better than expected, and the market resumed trading in AI stocks, but funds quickly withdrew after hours, mostly from short-term traders. The US 10-year Treasury yield is approaching 5% again, the dollar is strong, and the market is highly likely to expect a December rate hike. Furthermore, the removal of MicroStrategy from the MSCI index is putting selling pressure on the market, making people feel that buying now is not a wise move. ETF funds continue to flow out. The key resistance level to watch for Bitcoin:native is 75.2K. Only by holding above this price can the bulls continue their upward attack. There are now two scenarios: Scenario A: BTC falls below 73k and the rebound fails to recover, while ETFs continue to see net outflows. In this case, the market will directly drop to around 71k. Scenario B: BTC stabilizes at 73k, ETF outflows decrease, and the spot CVD continues to rise. A rebound to 76-77k I lean towards scenario B. After accumulating funds in the market these past few days, it broke through 75.2k and reached 76-77k, with a high of 77.2k before continuing to consolidate, awaiting the Fed's interest rate meeting. Be patient; if it consolidates for a few days without falling, it's a good buying opportunity. Also, the previous long positions were too large, and there's a high possibility of another sharp drop. If it recovers quickly after the drop, you can confidently buy long. But if it doesn't recover, don't try to gamble on a rebound; go short, as there's still significant downside potential.