About bulls and bears, solely based on the big picture, I believe we are still in the bull market process. Currently, both on-chain data and funding conditions do not align with the logic of a bear market. It is more likely that we are in a pullback cycle of a bull market, and historically, the magnitude of pullbacks during bull markets often ranges from 30-40%. So, if we push back from 110,000, the pullback low point is likely around 66,000-77,000. The market has already touched this range, but whether we have seen the bottom or not, we can look at the performance of the US stock market. The US stock market has seen three consecutive weeks of large bearish candles on the weekly chart, with a decline of over 10%. Pullbacks of this level often do not end quickly. In past crises, a 10% drop in the US stock market is just an appetizer, a 20% drop may successfully hit the bottom, and a 30% drop is generally a solid win. Therefore, I personally believe that the position of Bitcoin at 77,000 is likely not the bottom of this pullback. In the short term, 77,000 is a very good support level, so as the US stock market rebounds from an oversold condition, touching above 90,000 is very possible. For medium to short-term swing traders, reducing positions above 90,000 and buying back when it pulls down may be a good choice.