According to BroadChain, at 04:46 on April 23, NewsBTC reported that JDK Analysis pointed out that Bitcoin's recent rebound above $75,000 marks the fourth false breakout, which is not a signal of sustainable recovery but rather indicates market weakness. He believes that BTC is currently in a short-term re-accumulation phase within a broader bear market, but it lacks the key signals typically seen at a true market bottom. Therefore, any near-term upside potential may be limited.
The analyst explained that a true market bottom does not form suddenly; it often requires a prolonged downtrend and multiple processes. Large investors cannot easily "buy the dip" like retail investors because their massive funds can influence the market. They typically acquire liquidity by targeting order-dense areas, a process known as "liquidity engineering." This also explains why Bitcoin prices often fluctuate within a range, appearing to be in recovery.
Current market conditions show opposite signs: prices continue to test the upper boundary of the range before facing selling pressure, and each rally is accompanied by declining trading volume, indicating that supply is dominating demand. The analyst views this as a major bearish signal. His chart shows that once Bitcoin further falls below $75,000, it may move toward the next breakdown level around $59,000. If this support is lost, it could trigger a deeper correction below $56,000, potentially forming the final bottom.