Doesn't feel like it, but technically we are

We now have a 38% retracement.

This is a big move down and normally would mean a bear market is ongoing.

However, bitcoin always does this.

And I mean always:

(Source: https://x.com/Washigorira/status/1809259156454486061/photo/1)

That 38% level seems to work as a floor very well.

The catch now is that we have to hold up around here and can't go much lower.

If we do then the bull market turns into the bear market.