The lowest point of this $BTC pullback was 63,800, without effectively breaking the key support. The stage lows continue to rise, the bullish structure remains intact, and the weekly chart has closed higher for four consecutive weeks, with a signal of increased volume at the bottom. However, there hasn’t been a sustained surge with large bullish candles, indicating that long-term institutional funds have not entered on a large scale yet. It’s anticipated that there will still be 2–3 months of prolonged consolidation and adjustment. Currently, we are still in the corrective phase of the downtrend, and a clear major reversal trend has not yet arrived. Key strength/weakness shift: A strong breakout above 67,200 with volume would invalidate the bearish outlook, and the trend would shift back to bullish. If 63,800 is effectively broken, the bearish trend will continue, with the price likely to test the 61,400 level. 63,800 is the key support level for this pullback. If the support holds, bulls still have a chance to recover. If the support fails, the pullback could deepen further.