BTC is now around 77,600; after a deep pullback in the 4-hour cycle, the phase’s bottom has been confirmed. The Bollinger Bands have narrowed and are stabilizing around the midline, while the lows are rising steadily.

MACD is forming a golden cross at a low level, with bottom divergence taking shape; bearish momentum has completely exhausted. A short-term pullback on reduced volume is a sign that bulls are building strength, and the rebound structure remains intact.
Negative news has been largely cleared out. ETF selling pressure has weakened, institutions are accumulating at low levels, the US dollar is weakening, and the macro environment has shown marginal recovery—market sentiment has stabilized and begun to repair. Near 77,000, go long BTC and aim for 80,000.