The current status of the ASR-VC indicator 4-hour channel appears to be generally healthy.

Although market sentiment is slightly bearish and seems a bit excessive, BTC has stabilized and rebounded from the blue support zone, successfully staying above the middle track, and has been oscillating above the middle track for some time. There has been neither a violent upward liquidation nor a drop back below the middle track.

From both the wave and trend perspectives, I am not so pessimistic. If it weren't for the impact of tariff news, that W-bottom wouldn't have formed at all; the market might have remained within the oscillation channel, rebounding to the current position after touching the cyan support line.

From the wave counter-trend perspective, the price has not touched the upper yellow line of the channel, which means that the bearish signal is not yet clear. Moreover, the yellow line overlaps with the left supply zone, so even if one wants to bet on a short position after a failed breakout, they would need to wait for the price to rise to around 88000 first.

From the trend perspective, as long as the price holds above the middle track, the structure is still intact, whether it's a consolidation or a transition to a bullish structure (which requires a breakout above the orange line to confirm).

Therefore, my current thinking is still leaning towards oscillation and bullishness. As long as there is no confirmation of a drop below the middle track, there is no rush to turn bearish; we will consider the possibility of continuing bearishness only after a real breakdown.