[K33: Bitcoin's $60,000 Low in February May Have Been the Largest Pullback of This Cycle] According to a report by Jinse Finance, crypto research institution K33 stated that although Bitcoin has retreated by approximately 6% after retesting the 200-day moving average of around $82,000 this month, the low of around $60,000 in February this year may still be the largest pullback of this cycle. K33's Head of Research, Vetle Lunde, pointed out that unlike the bear market rebounds in 2014, 2018, and 2022, this cycle's market experienced a prolonged recovery of 189 days after breaking below the 200-day moving average, and market leverage and risk appetite have not been quickly rebuilt. Therefore, the current trend appears more like a mild adjustment rather than a precursor to a new deep decline.