The short-term trend of BTC, after a long period of consolidation, the price once again broke the range, indeed, prolonged consolidation must lead to a decline. After that, the price continued to fall for a while, reaching a low of around 112,000, and then began to recover.

Currently, the trend is in the recovery phase, with the first high point recovering to around 116,000, after which it began a second retest. This can now be understood as a second bottoming. As long as the price does not drop below the first low of 112,000, this is considered a second bottoming. The low point is generally in the range of 0.618-0.8 of the dividing line.

The smaller time frame's price retest happened to reach this level, so the second bottoming of BTC has been confirmed. Next, the focus is on the second point, which is around 112,500. This is the low point of the second bottoming and can serve as support for going long. For instance, the range of 112,500-113,000 is a good long position. When it reaches this point, it can be a good entry for going long. After the bottoming is completed, we should start to see a small main bullish wave, at least a wave of accelerated upward movement.