Analyst: The market has entered a corrective range-bound pattern, and the current rebound is more of a temporary recovery.

Jinse Finance reported that Cryptoquant analyst Axel Adler Jr released a market analysis stating that the market structure has changed. The composite index has fallen below the -0.4 threshold, indicating that bears are dominant. At the same time, the difference between the fast and slow EMA is negative, and both the trend and price are located below the 21-day Donchian Channel. The market has entered a corrective range-bound mode, and the current rebound is more of a temporary recovery rather than a trend restart. Within the channel, the key support is at $109,500. If this level holds and the structure is pushed back above zero, the bullish pattern will be restored, and there is potential to retest $117,700.