According to a chart released today by Matrixport, Odaily Planet Daily, Bitcoin is approaching oversold territory from a technical perspective, a region historically prone to rebounds. However, to determine whether the downtrend has ended and the market has entered a recovery phase, historical experience suggests waiting for a clearer bottoming signal on the daily chart, which has not yet appeared in the current market.

From a price perspective, Bitcoin has retraced to the risk zone we previously indicated based on on-chain signals and changes in market structure, making the current price level somewhat attractive for "buying on dips." However, for a more sustained upward trend to materialize, new positive macroeconomic factors are needed, which are currently insufficient.

Currently, some technical indicators, including the RSI, have shown signs of stabilizing and rebounding. However, to confirm that the market has bottomed out, it may still need to go through a period of further deleveraging and clearing of shares, mainly driven by spot trading.