Matrixport released a chart today stating that, from a technical perspective, Bitcoin is approaching oversold territory, a region historically prone to rebounds. However, to determine if the downtrend has ended and the market has entered a recovery phase, historical experience suggests waiting for a clearer bottoming signal on the daily chart, which is currently lacking. Positionally, Bitcoin has retraced to the risk zone we previously indicated based on on-chain signals and market structure changes, making the current price level somewhat attractive for "buying on dips." However, a more sustained upward trend still depends on new positive macroeconomic factors, which are currently insufficient. While some technical indicators, including the RSI, have shown signs of stabilization and recovery, confirming a market bottom may require further deleveraging and clearing of positions, primarily driven by spot trading.