The monthly chart finally closed with a doji bullish candle, but the quarterly chart is still bearish, indicating that the larger-term trend remains weak. There is no controversy about this. The monthly structure is still relatively bearish, but this doji bullish candle suggests that during the decline, there is still some buying support from the bulls, and it is not a one-sided downtrend or relentless sell-off.

From a cross-market perspective, the S&P 500 is currently trading above the previous quarter's low. This structure usually indicates that the market has entered a cyclical bottom zone, with further significant declines limited as the trend converges.

Combining these two dimensions, I still maintain my previous view: unless BTC stabilizes above the 70,000 level, I will continue to adopt a swing trading mindset. Focus on short-term gains, mainly aiming for higher positions. It’s best to test the 70,000 resistance level, which is also a good point to attempt short positions. The strength of this test will help determine the continuation of the trend.