Even if Bitcoin rebounds after this second test, it will only be a short-term rebound, and we should not be overly optimistic.

The current market situation is:

1. There is a large amount of trapped positions between 100,000 and 103,000;

2. The funding situation is still not optimistic; today’s increase in USDT supply is just a slight improvement and is not enough to reverse the trend;

3. Buying pressure in the U.S. continues to show weakness, and it may improve after Christmas;

Therefore, the height of the rebound may not break through the high of 99,540 on Saturday, and there is a high possibility of continuing to decline after the rebound.

It is important to note that the current Bitcoin STH RP is around 85,600, and recently, due to the market correction, the upward speed has been getting slower. Assuming it corrects after two weeks of decline, the STH RP should be below 87,000 at that time.

I mentioned before that this correction is highly likely to find support at the STH RP.

So, the likelihood of breaking below the 90,000 mark and finding support at support level 2 has become greater.