We now have a condition where the market is now stuck between a major low and the high that most of the coins made on that bounce.

I see it as a range bound condition.

it's the condition where most of the traders will loose money flip-flopping their bias from bearish to bullish.

it's the condition where traders are not too confident to chase the market again as the drop was brutal.

And it's the condition where holders will get frustrated and leave their positions.

Looking at the current picture, it's neither bullish or bearish imo as it's holding above or around a major low and yet to break a bearish structure as it's below that high.

If i take you to the past where we had the similar situation. you can see it on the other charts

46% drop on sol followed by 28 days of range.

Ethereum had 60% drop followed by 59 days of range before it decided to go up.

You can notice that price did not break the low it made on that sharp move down.

we have quite the same situation here, price is ranging while it's holding that dip low.