Recently, there has been overwhelming discussion about US non-farm payroll data and interest rate cut expectations, but honestly, these things are just so-so— the market has already priced in these topics, and retail investors are stunned by the data benefits that trap them. Instead of obsessing over these macro factors, it's better to focus on the market itself.

Looking at Bitcoin's long-term cycle, there are really no signs of a reversal in the first quarter. From a technical perspective, Bitcoin still has a bearish structure; these rebounds are merely corrections within a long-term downtrend. The highs haven't broken through previous key resistance levels, indicating that upward momentum is severely lacking.

For traders who are positioned for a short squeeze, this environment is actually clearer—there's no need to rush to buy the dip, as opportunities for short positions will come later. Every time the price rebounds to a certain level and hits a wall, it's a pattern. When the market is still dreaming, maintaining patience is the smartest choice. Only when genuine reversal signals appear is it time to enter.