After analyzing recent on-chain data, it was found that the BWTS indicator shows a divergence pattern with the BTC price, which usually signals that the panic selling wave is about to end. Historical data indicates that such divergences are often precursors to market sentiment turning points. Although the false breakout after the Luna event raises caution, the current BWTS pattern is similar to previous ones, suggesting that the conditions for a rebound are in place. However, before the divergence is broken, caution and observation are still necessary. It is recommended to closely monitor large fund flows and contract data to verify the reliability of this signal. Overall, the market may be brewing a rebound, but whether it can develop into a long-term reversal remains to be seen.