BTC dropped to a low of 11.72 last night and tested 11.72 again at 5 AM. It was found that it couldn't drop further, and the market started to buy. However, the main source of buying funds came from the futures market. With this kind of futures buying, it can easily be pushed down under certain pressure. Today, pay attention to the 120,000 position, where there are shorting opportunities both above and below.

We can't say it has hit the bottom. The current rebound is just a repair of indicators and contract bottom fishing. Once it reaches a key resistance level and fails to break through for a long time (with no funds entering), the market will quickly drop.