Bitcoin enters a critical decision period in the short term. The 60,500 level sees repeated battles between bulls and bears, with selling pressure above and weak support below. 61,600 is the lifeline for bulls and bears; if it cannot hold, any reversal is just empty talk.

Institutional operations are polarized: on one side, leveraged shorts are snatching chestnuts from the fire; on the other, holders are stubbornly defending every inch of their positions. Although the underlying logic and scarcity of "digital gold" remain unchanged, market sentiment has become extremely fractured. The best strategy for now is to wait for a breakout, and avoid blindly chasing rallies or selling off.