The participation of the S&P 500 and Nasdaq indices has fallen to a relatively low level not seen in nearly seven to eight years. The last times it reached such a low level were during the pandemic and back in 2018. Generally, a certain low level of participation indicates a potential local bottom. Of course, low participation does not necessarily mean that a reversal is imminent or that there won't be further declines. The participation indicator will be one of the aspects I consider, along with technical positions, to determine local tops and bottoms. $BTC