If it does not bounce soon, this is going to be one hell of a midterm year.
If it can bounce, it gives us a few months and gets us closer to October without so much bad price action (likely the bottom in time).
I feel like the bear narrative has been really strong for a while, and so I would expect a countertrend rally soon so that it gives the bulls some hope for a while.
However, I have learned my lesson in prior cycles, so I do not attempt to trade them. Countertrend rallies can happen, but sometimes they happen when you least expect them, not when everyone expects them.
It makes sense to assume that a sweep of a prior low would offer some relief, as that has been true for BTC even during the bull market.
But in 2014/2018/2022 when BTC fell below the 100W SMA, it was straight to the 200W SMA before any relief occurred.
The time to sell BTC was late last year, not panicking on dumps in the midterm year.
I just try and focus on the bigger picture and the bigger picture is that late Q3/early Q4 will be a better time to move real money back into the market.
Between now and then it is just people trying to make money during difficult times by trying to trade support/resistance levels.