Today is June 4th, BTC price is 64,685

The one defeating BTC is not the short-term traders but tech stocks, yesterday BlackRock had 5,130 BTC flow out, which belongs to institutional redemption, followed by selling. On one hand, everyone is clear that funds are fleeing the crypto market into the more certain tech stocks. On the other hand, institutional holdings all have stop-loss levels; if broken, they will strictly execute stop-loss. What happened last night was institutional redemption.
For several days, there has been no market analysis, but charts have been continuously posted with the request "do not build positions on the left side." Building on the left side means buying during a decline or going long, essentially trying to die and then come back to life; there will always be a time when they wipe themselves out. Combining technical analysis, once a medium-term downtrend forms, as shown in charts 1 and 2, once the reversal point is confirmed, a medium-term bearish arrangement indicates that the short-term trend is not good. The market needs to at least consolidate sideways at the bottom for a period. Additionally, after volume increases, the medium-term moving averages begin to converge again.
Currently, the market rhythm is that stocks rise, sucking liquidity from the crypto space; when stocks fall, Bitcoin will follow suit. Institutions and individuals both focus on tech stocks; this is market inertia. Even if stocks plummet, institutions will sell BTC to replenish their positions. When will this situation end? When prices are low enough. Yesterday, several brothers asked me if 67,000 is the bottom; I replied that without funds entering at 74,000, there won't be funds at 67,000 either. Currently, it’s clear that BlackRock has redeemed twice, causing a sell-off. I worry about how many other institutions will walk away after breaking their stop-loss levels. This is uncertain and likely to cause a concentrated sell-off because costs won't differ significantly.
Finally, as always, do not build spot positions on the left side; for futures, you need to exit quickly. The market needs sufficiently low chips to turn around, at least a big sideways consolidation to confirm the extent of institutional redemption. Abandon luck and illusions. Moreover, unlike before, now you should look for coins that do not follow Bitcoin’s trend to play with, such as AI series like WID, FET, privacy coins, or strong-manipulation coins.