Short-term price action shows signs of a phased bottom, but it still can’t be confirmed that the market has hit a major bottom.

This round rebounded from 57700 to above 63000, suggesting that 57700 is currently a valid low. The short-term bears have already been pushed back once, but to truly say “the bottom is in,” at least two conditions must be met:

First: 62000 can’t fall through again by too much
As long as BTC holds 62000-61500, this wave’s low at 57700 has a chance to become a phased bottom.

Second: 63000-63500 needs to hold firm
If it can hold above 63500 afterward, it indicates the rebound isn’t just a weak correction, but may have the potential to turn into a trend correction.

If it breaks below 61500, it means this rebound is only a correction, and we’ll need to look again toward 60000 and even around 58000.