Currently, Bitcoin is attempting a mild rebound against the trend. This round of decline has washed out a large number of long leverage positions and triggered passive selling pressure and chain reactions of forced liquidations(forced liquidations) in the derivatives market.

In the short term, technical indicators still have room to test higher levels, but whether the rebound can go further depends on whether new funds are willing to step in, rather than relying solely on short covering and mechanism-based hedging funds to sustain it. As we have previously mentioned, Bitcoin is still in the mid-stage reset of a larger bear market.

At this stage, rapid surges are not uncommon, but they are often difficult to sustain. On-chain data continues to confirm that the current environment remains fragile, with weakening demand momentum and limited structural accumulation. $BTC