With $BTC each rebound, it is currently only a retracement in a bearish structure. On the order flow, the message is consistent. The spot shows no aggressive defense. No net absorption, no clear buying initiative. Conversely, the perpetual contracts are very active, which explains the short and violent rebounds, but without spot support, these movements remain fragile and are systematically sold. Passive selling zones are clean, visible, and regularly used. The market pulls the price upward to distribute, not to build a base. As long as the spot does not come into play significantly, looking for a bottom is complicated. The most logical scenario remains a continuation below the current value with extension toward lower zones. A squeeze is possible, but without a clear spot rebound, it would only be an opportunity to sell higher, not a reversal. For now, the spot is watching, the perpetuals are excited, and the structure remains bearish.