It is clear ✅ that whether Bitcoin has hit the bottom is indeed the current market's most focused topic. According to the latest information, there is still no clear bottom signal.

---

### 📊 Current Market Key Signal Analysis
1. **Price Volatility and Support Levels**
On November 3, Bitcoin dipped to $109,000, rebounding from the February low of $93,321, but has recently remained in a volatile range ($90,000 - $108,000). Analysts at Standard Chartered Bank noted that if it subsequently breaks below the critical support level of $69,000 - $76,500, it could further test the institutional buying average of $65,000, indicating that there is still potential adjustment space below.

2. **Institution and Capital Trends**
- **Positive Signals**: February data shows that institutions are entering the market with large amounts via USDT (such as 400 million USDT flowing into exchanges), and cryptocurrency investment products have seen net inflows for 12 consecutive weeks, with Bitcoin attracting $790 million in a single week, indicating that long-term allocation demand remains.
- **Cautious Signal**: Strategies like MicroStrategy and other whales pausing Bitcoin acquisitions may reflect a wait-and-see attitude towards prices in the short term.

3. **Emotions and Technical Analysis**
Market sentiment is similar to the "panic-rebound" cycle at the beginning of the year, and technical indicators show that time is needed for recovery:
- The daily level is still under the pressure of moving averages, and after a short-term rebound, it may continue to oscillate and bottom out;
- If it cannot hold the resistance level of $108,000, it may test the support at $90,000 again.

---

### ⚠️ Discrepancy and Risk Warning
- **Optimistic View**: Some analysts believe that the longer the consolidation period in the range of $90,000 to $108,000, the more solid the bottom will be, and the expectation that the Federal Reserve will stop tapering may boost risk assets (as mentioned in the February article "A new rising market is not far away").
- **Pessimistic View**: Macroeconomic uncertainty (such as changes in US policy) and concerns about the technical M-top still exist. If it falls below the key support level, it may trigger a new round of selling.

---

### 💡 Conclusion: The bottom has not yet been confirmed, and oscillation remains the main tone.
Currently, Bitcoin is in the "potential bottom area but not fully confirmed" stage, and two main signals need to be followed:
1. **Can the price stabilize at $108,000**, breaking the downward trend;
2. **Whether institutional funds continue to flow in**, especially the strength of support when breaking through key support levels.
Investors should be cautious about chasing prices and panic selling, focusing on range trading in the short term, while in the long term, they can accumulate positions at lower prices but must control their positions.