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Classic dead cat bounce in a downtrending market.
In oversold conditions or after a very sharp downtrend, short sellers take profits which triggers a bounce. If there is no real buying we get this sort of a pattern instead of a V reversal.
TLDR: The bounce happens on weak volume while there's no sustained demand behind it, just short covering. We had Saylor bid 1550 BTC but aggressive Coinbase selling made this chart look very iffy.