BIT: Institutional capital flow direction, Bitcoin's key support level faces a test

According to BIT analysis, a significant feature of Bitcoin over the past four years is that most of the price increases are concentrated in a short period of rapid growth, followed by a prolonged period of sideways consolidation. The pullback phase also shows a similar pattern, where the price usually drops quickly at first, releasing most of the downward pressure in one go, and then gradually stabilizes.

This round of pullback is mainly influenced by two factors: first, the U.S. April CPI announced in May was higher than expected; second, there are concerns in the market about Strategy selling Bitcoin and the subsequent potential selling pressure. As a result, the spot Bitcoin ETF quickly shifted from net buying to significant net selling, with a cumulative net sell of about $1.5 billion this year, creating noticeable pressure on the market.

Currently, Bitcoin is still under pullback pressure, with $63,445 being a key support level to watch. Whether this level can hold will affect the market's judgment on the depth of this adjustment: if the price stabilizes near this area, this pullback will still be considered a phase adjustment; if it effectively breaks below, it may enter a deeper adjustment and consolidation.