[Analyst: Bitcoin's Downward Momentum Slows, But Still in Bear Market Structure] BlockBeats News, March 3: Recently, Bitcoin's downward momentum has weakened, but no structural reversal signals have emerged yet, and it remains within the bear market framework overall. Bitcoin has not accelerated its decline due to bearish news related to risk aversion, indicating that downward pressure may be easing. The current price has regained the 20-day moving average (around $68,500), and the narrowing Bollinger Bands may create conditions for range expansion. The $62,500 level has been tested three times without breaking and is considered a key support level. Meanwhile, RSI and stochastic indicators show bullish divergence, with momentum tending to stabilize. Analysts believe the market is experiencing "tactical improvement," but a trend reversal has not yet been confirmed. Current volatility compression, increased ETF inflows, and the disappearance of Coinbase discounts do not align with the typical characteristics of "a new round of accelerated decline." However, the overall asset allocation model still categorizes Bitcoin within a bear market environment, and any long positions should be viewed as tactical operations. In the derivatives market, researchers pointed out that the previously deep negative funding rates led to overcrowded short positions in perpetual contracts, triggering a typical "short squeeze" that pushed prices to rebound quickly from the $63,000 low, alleviating short-term selling pressure. However, analysts also emphasized that structural capital inflows remain lacking, macro catalysts are limited, and the downward trend since the historical high has not been broken. Overall, market sentiment has shifted from previous panic selling to relative restraint. In the short term, the market may enter a consolidation phase, but the medium-term trend remains to be confirmed.