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

Before May, the structure was a synchronized rise in highs and lows, but starting in June, it has turned into a synchronized decline in highs and lows;

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

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

This seems a bit difficult in the short term...

Unless we see a situation like before where U.S. stocks drop and BTC does not follow the decline.

Otherwise, there is a higher probability that this will still be a rebound of the same level... as shown in the chart.