This wave is a typical rapid recovery after a sharp decline and shakeout.

Bitcoin first quickly dropped from 80,478 to 79,507, a nearly 1,000-point fall, clearly clearing out long positions at high levels. But it didn't break below that level, instead quickly bouncing back above 80,000, indicating strong support at lower levels.

Currently, the key is whether the 80,000 level can hold. If it stabilizes, we will continue to look for a rebound and recovery, with attention to 80,400-80,600 above; if it falls below 80,000 again, it will revisit 79,800-79,500. Overall, short-term volatility is increasing, and this seems more like a shakeout rather than a one-sided turn to bearish.