The panic sentiment among short-term holders has basically bottomed out. Although the STH momentum has not yet clearly turned positive, the data shows obvious signs of relief. As the momentum gradually enters the positive zone, Bitcoin faces an upward breakout window. This stage belongs to the emotional recovery period — the panic selling has already occurred, but genuine buying interest is still accumulating. The key is to observe whether the momentum can continue to strengthen; once a positive consensus is formed, the rebound is often not very mild.