Is BTC rebounding or reversing? AHR999 has dropped to 0.32, and historically, anything below 0.45 is often considered a good range for dollar-cost averaging. The miner cycle pressure indicator has hit its lowest point this year, CryptoQuant's Sharpe ratio briefly dipped below -20, and the Fear & Greed Index is at just 24. Almost all cycle indicators are signaling that BTC is now in a historically undervalued zone. On the other hand, a whale on Hyperliquid with cumulative profits of about $174 million is still maintaining roughly 98.5% short positions. Meanwhile, U.S. Bitcoin spot ETFs saw a net outflow of about $1.79 billion this week, with total monthly outflows exceeding $4 billion. The real incremental capital hasn’t fully returned yet. The non-farm payroll data did lower market expectations for further Fed rate hikes, which led to a rebound in BTC, gold, and U.S. stocks. But I still hold the same view: one non-farm report changes expectations, not liquidity. We still need to watch CPI, PCE, Fed statements, and the dollar’s movement. If liquidity doesn’t truly improve, I’m more inclined to see this rally as a rebound from oversold levels. Only when ETFs show sustained net inflows again and global risk appetite picks up will these historically low indicators be more likely to signal the true bottom of this cycle. That said, no one can buy at the absolute bottom or sell at the absolute top. Managing your position and building it gradually is the rational way to invest. In the long run, buying BTC around $60,000 is unlikely to result in losses. My bitcoin:native cost basis is still at $95,000—if I break even, you’d already be up 50%!