From a cyclical perspective, Bitcoin's weekly and monthly charts show a clear bearish pattern, and the medium-term downtrend has not yet shown an effective reversal signal. Although the short-term oversold rebound has demonstrated some strength, it is essentially a technical correction and unlikely to reverse the overall downtrend. Currently, institutional funds in the market have not significantly flowed back, leverage risks have not been fully cleared, and the rebound momentum remains weak; the options market still shows a dominant bearish sentiment, with funds mainly adopting strategies to hedge against downside risk. In summary, the overall approach remains to short on rallies after resistance.