I personally prefer to see a rebound, or rather BTC's bottoming out time of 6.3-6.8w is not enough. Time is too short to complete the bottom reconstruction from disagreement to consensus, nor can it repair the shattered market confidence. For example, many old OGs are still predicting that the bear bottom will fall to 2-3 million US dollars in this round. At this time, funds are cautious and negative about buying the bottom, while holders are firm and positive about choosing to take profits when the price rises. This is not just my imagination, but reflected in the data as follows: 1. After BTC retreated to $60000, we saw that FB (First Buyers) did not show a significant rebound on the demand side, and the upward trend in March was extremely slow compared to the low point in February. Overall, it is still at a historical low, indicating that investors' risk appetite is still very low. (Figure 1- BTC new buyer holdings) 2. However, MB (Momentum Buyers) as a catalyst for emotions did not play any role in the rebound, which is completely different from what we saw before the trend reversal in April 25. The market sentiment is not high, and most people are cautious and unwilling to chase after high prices. (Figure 2- BTC Momentum Buyer Holdings) 3. At the same time, the distribution of long-term holders has dropped to an extremely low point, indicating that the main reason for the current rebound in BTC prices is the decrease in selling pressure, so it will not continue to fall deeply for the time being. However, in order to reverse the trend, it is limited by insufficient demand. (Figure 3- Cost of Long Term Holders) In summary, I personally do not have high expectations for this rebound. Until demand shows a significant rebound and confidence is completely rebuilt, it is highly likely that it will be a process of mainly shaking, digesting differences, and building consensus.