Today’s market overview. Figure 1, Figure 2. Yesterday, the price couldn’t reach around 71k because there was a dense concentration of spot and futures sell orders near 72k. At the same time, after a 10,000-point rebound, the bulls’ total delta approached 3B and was exhausted. Although CVD continued to rise afterward, the price failed to break through (was absorbed). Recently, I’ve summarized a new insight: in a bear market, only bearish divergences are valid; in a bull market, only bullish divergences are valid. That’s why I was more confident in the short position taken last night. Combining this with the news of Garrett’s liquidation today, it was the final straw. Figure 2, Figure 3. Today, at 67k, the price found support after touching the VWAP from above, with a volume spike of 150m in 38 seconds. In the recent crazy needle-pinning market, the anchor VWAP at the needle tip always provides initial support. Whether the market can hold depends on whether selling pressure can break through 67k. If Garrett has finished selling and cannot break through 67k, the market will continue to oscillate around the VWAP over the weekend until CME opens. If it breaks through, we should keep an eye on the situations at 65k and 63k. Figure 4. Lastly, from a larger timeframe perspective, since the price effectively broke below 74k, it has now returned to the 8-month consolidation range of 2024. The previous low at 74k from last year contains a large amount of trapped positions. To continue the rebound and recovery, a solid breakthrough and stabilization above 74k are necessary. Otherwise, the market will continue oscillating within the large range, searching for a bottom.