Analysis: Institutional funds are shifting, and Bitcoin's key support level is being tested.

CoinFeed reported on June 3rd that, according to BIT analysis, a notable characteristic of Bitcoin over the past four years is that most of its gains have been concentrated in a short period of rapid price increases, followed by a prolonged period of sideways consolidation. Correction phases also exhibit a similar pattern, with prices typically experiencing a rapid initial drop to release most of the downward pressure before gradually stabilizing. This current correction is primarily influenced by two factors: firstly, the higher-than-expected US April CPI data released in May; and secondly, market concerns about Strategy's sale of Bitcoin and potential subsequent selling pressure. As a result, the spot Bitcoin ETF quickly shifted from net buying to significant net selling, with cumulative net selling of approximately $1.5 billion this year, exerting significant pressure on the market. Currently, Bitcoin remains under downward pressure, with $63,445 being a key support level to watch.