The Great Immortal said: On June 16, Bitcoin dipped to 65,000, which was surprisingly exaggerated due to the inflow of spot ETF funds?

Bitcoin fell to around $65,068 at about 1 a.m. yesterday (15th), reaching its lowest point in nearly a month. As of the time of writing, it has rebounded to $66,187, with a decline of about 1% in the last 24 hours.
**　　Although the Federal Reserve's expected rate cuts have led the market to generally maintain an optimistic outlook on Bitcoin's future, the recent weak performance has also caused widespread panic among investors. Additionally, on Wednesday (12th), a certain institution stated: "The capital-raising ability of Bitcoin spot ETFs has actually been exaggerated, and there are doubts about whether more funds will flow into the crypto market this year."**
**　　Bitcoin 4-hour chart**
**　　According to the current 4H level chart of Bitcoin, the price is currently between the middle and lower bands of the Bollinger Bands, but close to the lower band, indicating significant recent volatility and an oversold condition, with the possibility of a rebound at any time.**
**　　From the current MACD indicator in the 4H level chart, we can see that the DIF line is below the DEA line, and both are below the 0 axis, indicating that the market is still in a bearish trend. However, the histogram is starting to shorten, indicating that the downward momentum is weakening, with the possibility of a rebound at any time.**
**　　Finally, we can see that the K, D, and J lines in the KDJ indicator are all at low levels, especially the J line, which has fallen below 20, entering the oversold area. When the J line of the KDJ indicator hovers in the oversold area, and the K and D lines begin to converge, it indicates that the market is about to enter a rebound phase.**
**　　Bitcoin 1-hour chart**
**　　From the 1H level chart, we can see that the DIF line and DEA line intersect near the 0 axis, indicating that the market is in a consolidation state, and there may not be a clear trend in the short term. The MACD histogram is relatively short, showing weak market momentum, and the price may fluctuate within a narrow range.**
**　　Looking at the KDJ indicator in the 1H level chart, the three lines of the KDJ indicator are hovering at low levels, and all three lines are crossing at low levels. This usually means that there may be a demand for a short-term rebound in the market, but the overall trend remains unclear.**
**　　Finally, based on the Bollinger Bands in the 1H level chart, we can see that the current price of Bitcoin is between the middle and lower bands of the Bollinger Bands, but is closer to the middle band, indicating that the market may maintain a consolidation state in the short term. Additionally, the Bollinger Bands are narrow, indicating low market volatility, and the market may maintain a consolidation trend in the short term.**
**　　Comprehensive analysis: In the 4H level chart, the price of Bitcoin is close to the lower band of the Bollinger Bands, and both the MACD and KDJ indicators show signs of overselling, indicating that there may be a rebound in the short term. However, the overall trend remains weak, with strong bearish forces. In the 1H level chart, both the MACD and KDJ indicators suggest that the market may be in a consolidation state, with prices hovering near the middle band of the Bollinger Bands, indicating that there may not be a clear direction in the short term. Attention should be paid to the price performance near the middle band (66,221).**
**　　In summary, the following suggestions are provided for reference**
**　　Long Bitcoin when it falls to around 65,800-65,500, targeting 67,400, with a stop loss at 65,200.**
**　　　　　　Time of writing: (2024-06-16, 02:10)**