Although the market has rebounded somewhat in the past couple of days, the overall trading atmosphere remains quiet. The market is now at a delicate balance point: to go higher, it depends on whether Bitcoin can effectively break through and hold above the $70,000 level. If it can't get past this point, it’s likely to return to a range of consolidation.

On the macro level, the CPI data release is imminent, which is a key indicator affecting Federal Reserve policies. Major funds are also waiting for the dust to settle. Overall sentiment is cautious; no one is willing to rush into action at this level.

Looking at the capital flow, the crypto ETF recorded only $42.4 million in net inflows yesterday, a modest amount. This indicates that institutional investors are only tentatively building positions and haven't shown a strong intention to aggressively push higher.

My stance remains unchanged: the short-term peak is at 74,000. As long as this level isn't effectively broken, all rebounds are just opportunities to short. The current rebound seems more like a preparation for subsequent adjustments.