Bitcoin falls back to 3,000 points. Will the future trend be dominated by institutions?

Yesterday, Bitcoin saw a 3,000-point correction, falling from a high of 69,500 to around 66,500. Ethereum was unable to defend the 2,680 support, dropping to around 2,610, and CFX also fell from around 0.17 to 0.155. The overall market performance is currently rather weak, but fortunately, the key support levels have not been broken, so the bullish trend can continue. The key support level for Ethereum is adjusted to 2,550, while for Bitcoin, it is 64,800, which is the level that the previous large selling pressure failed to break through. It is particularly important to note that if 64,800 is broken, the bullish trend may be disrupted, and one should consider exiting and waiting. Currently, Bitcoin is still above the 66,500 support level, so the bulls do not need to be overly concerned for the time being. The Ethereum trend appears rather pessimistic, and the focus is on whether it can maintain above 2,660 at the 8 AM close. Although it has finally broken the downward trend line, it has now fallen back. However, this does not mean that the market will immediately test the downside. We need to observe the rebound of the bulls. If Ethereum can rise above 2,660 again, this will be a positive signal; but if it falls below 2,550, one should exit and wait. The A-share market opened stable above 3,200 points this morning, currently at 3,280 points. As long as it does not fall below 3,200 points, it can be considered relatively safe. If it falls below 3,200 points again, one should reduce positions and avoid risks. CFX continues to follow the fluctuations of Bitcoin and has not formed an independent trend, suitable for continued dollar-cost averaging. The market currently lacks sustainability, and the money-making effect is relatively weak, so it is more suitable to buy on dips rather than chase highs. Although the decline yesterday was relatively large, ETF funds are still flowing in, which is a positive signal, indicating that institutions are entering while retail investors are selling. As retail investors' holdings gradually decrease and institutional holdings increase, the future rise and fall of Bitcoin will be mainly driven by institutions. Before the bullish trend is reversed, the key support level for Bitcoin is 64,800, and for Ethereum, it is 2,520. These levels are good opportunities to build positions on dips, rather than waiting for the prices to rise and then chasing them. Build positions on dips and set a stop-loss strategy, as both spot and dollar-cost averaging are currently at relatively low buy-in levels.