In a report by Deribit analyst Anand Raj, he highlighted the current market dynamics facing Bitcoin. The report points out that Bitcoin's trading price is currently constrained by the $61,700 supply area, leading to a breakdown in the short-term demand zone. Although there have been signs that some major asset management companies have disclosed exposure to US Bitcoin spot ETFs through SEC-formatted 13F filings, this has not significantly boosted the market's bullish sentiment. Analysts note that Bitcoin's subsequent price movements are likely to continue being influenced by resistance from the higher time frame supply zones, suggesting a possibility of further declines in the future. Investors should closely monitor market dynamics and changes in supply and demand relationships to make informed investment decisions.