Has Bitcoin bottomed out? Is it time to buy the dip? Let me state my conclusion first: BTC experienced a dead cat bounce at 62K. Don't get excited; this is likely the last chance to escape. The current price is around 65,500. It hit a low of around 62K early this morning before rebounding to 66,100. Looks like a "deep V-shaped reversal"? Let's look at the underlying data before making any judgments. First, the recent bearish volume is 1.6 times that of the bullish volume. Over the last 14 4-hour candlesticks, the total volume of bearish candles was 45,029, while bullish candles only had 27,582. This is called unilateral suppression, not a double bottom confluence. Second, today's rebound was accompanied by increased volume, but the active buy/sell ratio surged to 1.54. Buying pressure did emerge, and short sellers were also closing out positions (open interest decreased by 1,660). This is a technical rebound after panic selling. Third, the Fear & Greed Index has fallen to 10. Extreme fear, the lowest in this round. Historically, a drop below 10 often indicates a short-term bottom, but "extreme fear" can persist for a long time and is not a buy signal. The real key level is around 68K, which is the 200-week moving average and the strongest resistance after a break below it. Historically, the first pullback after breaking below the 200-week moving average has often proven to be a major resistance level. If it fails to break through, the sideways movement around 65K is a continuation pattern in the downtrend, with the next target being 62,000 or even lower. Only a breakout above 68,500 with significant volume indicates that buying has truly taken over, and the next target could be 70,200 or even 72,200. Trading strategy: 67,300-68,000 is a relatively comfortable shorting zone, with a stop-loss at 69K. Currently at 65,500, neither long nor short positions should be considered. I will patiently wait for the rebound to reach its target before shorting BTC again!