The overall trading strategy is bearish for two main reasons:
First, the trend has reversed. Bitcoin has repeatedly hit new lows, with the bottom failing to rise and instead continuing to decline, indicating weakness. Therefore, a shift from long to short positions is necessary.
Second, the strong selling volume in the past two days represents a significant force to be reckoned with. While the bulls have subsequently exerted pressure, their volume is far less than the bears', indicating weak bullish momentum. The sustainability of the upward trend remains to be seen.