Earlier tonight, BTC made that spike to 60758, and it did print, but the problem is that the price didn't hold the high, quickly getting pushed back to around 59000. Now it's slightly recovered to around 59500. We got the high, but no confirmation of a solid hold. This is exactly the kind of scenario you fear in this type of oscillating market.

So now the tricky part is that after the spike, liquidity didn't continue to buy into the upside; instead, it started to ebb. In other words, this wave saw a high-level rotation followed by a pullback, and the bulls didn't have enough buying power to lift the market. So I'm not treating this as a rebound—I'm still viewing it as oscillating with a bearish bias.

Tonight, the level we need to watch is 59800. If price reclaims that, it can be seen as absorbing the earlier pullback in the short term. Further up, 60200 is the level where the intraday weakness would ease. If 59800 is not reclaimed, the rebound is fake.

Below, watch 59300. As long as it's not broken, the bears are still hesitating. But if 59300 gets taken out and can't be reclaimed, then 58850 will be tested. That's how the market looks today—bulls aren't strong enough, and bears are still one step away from the final push.