BTC： As of March 21, 2025, the current price of BTC is $83800; At the daily level, a "small bearish candlestick" closed yesterday, indicating a relatively small volume and a cautious market sentiment. The net inflow of 1909 US spot Bitcoin ETFs worth $166 million yesterday; There is still some support from institutional funds, but it is not enough to drive a trend reversal. According to on chain data, the distribution of BTC chips shows that the chip concentration area between $93000 and $97000 is still stable, and short-term risks have not yet emerged. After the Federal Reserve's interest rate meeting, the market turnover rate significantly increased, and the selling pressure on short-term holders (STH) increased, especially in recent days when bargain hunting funds accelerated their exit, reflecting market concerns about the uncertainty in April. At the macro level, there were intensive events in April - reciprocal tariffs came into effect, first quarter GDP was announced, and expectations of a May interest rate cut were low. Coupled with the potential benefits of easing tensions between Russia and Ukraine not yet being realized, market sentiment was biased towards a wait-and-see approach. Overall, based on historical trends, BTC is currently in a period of volatile adjustment. A wide range of fluctuations (in the $72000-93000 range) in the later stages of a bull market is a normal phenomenon. However, if the price falls below $72000 and there is a rebound in the future that fails to effectively stabilize or break through $93000, it can be basically concluded that BTC is going bearish.