The exchange rate trend of BTC against the Nasdaq...

Before May, the structure was a simultaneous rise of highs and lows, but starting in June, it has changed to a simultaneous decline of highs and lows;

Currently, it seems to be making a decision, with a higher low just appearing on a smaller scale, and signs of a head and shoulders bottom...

However, from a long-term perspective, to end this downtrend, the index price must exceed the most recent rebound high point on the left side. The Nasdaq has already reached a new high, and for BTC to surpass the Nasdaq in terms of percentage increase... it must directly push up to above 120,000...

This seems a bit difficult in the short term, in my view...

Unless we can see a situation where U.S. stocks fall, but BTC does not follow suit.

Otherwise, there is a higher probability that this is still a rebound at the same level... as shown in the figure.