May 22 $BTC Comprehensive Market Analysis News: Yesterday was relatively calm, mainly influenced by macro factors No significant sudden positive/negative news. The market focuses on macro factors such as Federal Reserve policies, yields, and inflation data. Recent reports mention SpaceX holding a large amount of Bitcoin, Iran-related geopolitical topics involving crypto payments, but these did not trigger notable volatility. In terms of regulation, progress on bills like the Clarity Act is a long-term positive, but it did not directly drive prices in the short term. Summary: The news sentiment is neutral to slightly bearish, lacking strong catalysts, with prices following overall market and risk sentiment fluctuations. Capital Flow: ETF Flows: Overall fluctuations in May. There was strong net inflow in April (about $2B+), but in mid-May, there were weekly/daily outflows (e.g., about $331M net outflow on May 19, mainly BlackRock IBIT). As of May 21, the total ETF holdings remain positive (total net inflow exceeding $57B historically). On-chain: Funding rates have been persistently negative (from May to May), indicating leverage liquidations and bottom signals; miner accumulation patterns (MPI negative), with a high proportion of long-term holders (HODL), limited selling pressure. Summary: Short-term capital outflows exist (possibly related to profit-taking or macro risk aversion), but institutional/ETF accumulation remains strong, supporting a mid-term price floor. Technical: This week is approaching the weekend, and the week has been oscillating within a small range without significant volatility. The overall approach at this level remains focused on monitoring the daily chart's zero line support, as well as the 4.6-hour level. When approaching the zero line, whether it can break above to drive bullish momentum is key. Therefore, in the short term, the price will likely continue oscillating and repairing; for bulls to strengthen, the four-hour chart needs to break above the zero line. In summary, intraday will still mainly oscillate, with resistance at 78,600 and support at 75,800.