BIT Official: Institutional Fund Flow Shifts, Bitcoin's Key Support Level Faces Test

On June 3, BIT Official released a daily chart analysis stating that institutional fund flow is shifting, and Bitcoin's key support level is facing a test. Over the past four years, a notable feature of Bitcoin has been that most of its gains occur in a short period of rapid increases, followed by a prolonged phase of sideways consolidation. The correction phase also exhibits a similar pattern, where prices typically drop quickly at first, releasing most of the downward pressure in one go, and then gradually stabilize. This round of correction is mainly influenced by two factors: first, the U.S. April CPI released in May exceeded expectations; second, there are concerns in the market regarding Strategy (formerly MicroStrategy) 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 remains under correction pressure, with $63,445 being a key support level to watch. Whether this level can hold will impact the market's judgment on the depth of this adjustment: if prices stabilize around this area, the current correction may still be considered a phase adjustment; if it effectively breaks below, it may enter a deeper adjustment and consolidation.