2850 is the area where the bulls previously concentrated before entering the market, and it was also the position where the liquidation erupted before the sharp drop. This has now become a comfortable zone for the bears—those who shorted at high positions have already profited.

Meanwhile, the lower level of 2750 is a dense liquidation zone, where many bears have been trapped and the bulls are also defending this level. However, the price has returned here, and the rebound lacks strength, indicating that liquidity has not been fully released.

In simple terms, the short-term outlook is bearish.

If the rebound does not succeed and the price breaks below 2750, it is very likely to test 2700 or even 2650.

We are currently in a situation where "the bulls have just been washed out, and the bears are still holding strong." The momentum for the rebound mainly comes from a short-term bull counterattack, not from real institutional buying, and there are no significant buy orders visible on the chart.

This is a standard "wash out the bulls" market; bulls should not stubbornly hold on, as hanging on until the end can lead to being harvested back and forth. Instead, the bears are currently more proactive, and if the timing is right, they still have a chance to take a second bite.