Bitcoin has broken below multiple Fibonacci support levels and is currently testing the 0.786 retracement along with the previous low area. Short-term bears still hold the advantage; until it firmly reclaims $64,000, any rebound is more likely to be seen as a correction rather than a reversal. If the area around $59,000 is lost, further downside cannot be ruled out. However, if a volume-supported stop in the decline appears, there is a chance for a phased bottom to form. At this stage, patiently waiting for a clear signal is more important than rushing to buy the dip.