After hitting a low point in the early morning, some Asian session spot buying power led to a small rebound at the bottom of the dip. The data is more balanced compared to last week, with ETP outflows reaching as high as 17.3 billion last week. Excluding the single largest weekly outflow record in November of last year, a further decline in the US market would not cause a large-scale panic sell-off.

If the price drops first, attention should be paid to the formation of the secondary low, around the 863-868 range (a further drop would be to the previous low of 85k, which would attract significant demand). Slightly above 89k is the biggest short-term resistance level. The intraday bullish and bearish outlook is quite uncertain; we can only wait for the US stock market to see how these two levels react. It’s becoming increasingly difficult to predict.