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 bullish support, and it is not a one-sided 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 a phase of bottoming has been reached, and the space for further sharp declines is narrowing.

Combining these two dimensions, I still maintain my previous view: unless BTC stabilizes above the 70,000 level, the long positions should continue to follow a swing trading mindset, mainly aiming for higher levels. It’s best to test the 70,000 resistance level, which is also a good position to attempt shorting. The continuation will depend on the strength of the test.