Last week, after breaking below the 8xxx level, the price structure of Bitcoin was substantially damaged. Leveraged longs were almost completely wiped out, smashing through the most densely accumulated on-chain cost areas and entering a chip vacuum zone between 74k and 79k.

The general market consensus is that the decline will be halted at 74/76k. Of course, these two levels are quite significant, corresponding to the MicroStrategy holding cost line and the previous top before the main upward wave last year. However, this is more of a psychological support, and its actual effect may be limited:
From the URPD perspective, there isn't much accumulation of chips above 71k; the liquidation zone is concentrated around 72k. That is, only after reaching this point is there a higher probability of a small-scale reversal signal.

The macro narrative remains unchanged; ETF outflows will not stop. The bull market's short positions and the bear market's long positions are just due to deep-seated psychological obsessions.