From a technical perspective, the current mainstream moving average system of BTC (4-hour/daily chart), whether in the medium/short term or long term, indicates a bearish trend: MA7, MA30, and MA120 are arranged in decreasing order, suggesting that the downward momentum continues. Although the 15-minute candlestick has shown a slight rebound and prices occasionally stabilize above the 20-day moving average in the short term, this is usually a brief consolidation correction within a downtrend rather than a bottom formation.