Although Bitcoin has re-broken the $60,000 mark, the recovery of market bullish sentiment has been very slow. During the rapid rebound of Bitcoin, the funding rate of perpetual contracts continued to be negative, and the put/call ratio of the options market also rose from 1.37 to 1.45. This shows that most investors are still cautious about the rebound and are always on guard against the arrival of a second bottom. However, it should be emphasized that from the perspective of technical analysis, Bitcoin has actually met the conditions for a reversal after breaking through $60,000.

In this round of market, the $60,000 mark has always been regarded as the lifeline of the bull market. There are two main reasons: First, $60,000 is the top area of ​​the previous bull market and the neckline of the current technical pattern. Standing above $60,000 shows that the breakthrough of the big cycle is still valid; second, in this round of bull market, the turnover rate of Bitcoin above $60,000 is as high as 375%, and the cost of active investors in the market is basically concentrated in this area. Maintaining it above $60,000 is conducive to maintaining the offensive vitality of bulls. Since February 2024, every time Bitcoin falls below $60,000, it will trigger a retaliatory rebound, and this adjustment is no exception, which shows that Bitcoin bulls still have the ability to defend and counterattack.

Therefore, regardless of whether a second bottom occurs, the medium- and long-term upward trend of Bitcoin remains unchanged.