Bitcoin seems to be stabilizing and forming a bottom for now, but we need to distinguish whether it's a short-term bottom on the hourly chart or a major bottom on the daily level.

On the hourly chart, after dropping to 5.77, it stopped falling and started consolidating. To determine whether a trend has ended, the key is to see if the previous swing high or low has been effectively broken. The hourly line has successively taken out 62000 and 32000, forming a short-term bullish pattern. However, resistance above at 65500 and 67200 is heavy, so it can only be said that the short-term bottom is solidifying.

On the daily time frame, the starting high of this decline is 67200. Without a breakout above this level, it cannot be considered a true bottom. At best, it's a rebound within the downtrend, and the overall larger trend remains bearish.

Bitcoin long entry reference: around 62600-62000, target 63300-64200
Ethereum long entry reference: around 1740-1700, target 1760-1800