The monthly chart finally closed with a doji bullish candle, but the quarterly chart is still bearish, indicating that the larger-term trend remains weak. There is no dispute about this. The monthly structure is still relatively bearish, but this doji bullish candle suggests that during the decline, there is still some buying support from the bulls, and it is not a one-sided sell-off.

From a cross-market perspective, the S&P 500 is currently trading above the previous quarter’s low. This structure usually indicates that the market has entered a cyclical bottom zone, and the potential for further sharp declines is narrowing.
Combining these two dimensions, I still maintain my previous view: unless BTC can hold above the 70,000 level, I will continue to adopt a swing trading mindset. Focus on short-term gains, mainly aiming for higher positions. It’s best to test the 70,000 resistance level, which is also a good point to consider short positions. Based on the strength of the test, we can then assess the continuation of the trend.