BTC/USDT Perpetual — Dead Cat or the Start of Something Real?BTCUSDT Perpetual ContractBYBIT:BTCUSDT.PbemfundingBitcoin has had a brutal few months. After printing an all-time high near 126,000 in late October, price has been in a steady and painful downtrend ever since, chopping lower through every key level and eventually bottoming out near 60,000 in mid-February. That is a nearly 52% decline from peak to trough, and it has wiped out a significant portion of the post-halving gains built up over the summer. Where we stand: Price is currently trading at 72,594, up marginally on the day but still sitting below the Monthly Open at 78,704, a level that has acted as overhead resistance since the February breakdown. The EMA 100 (81,761) and EMA 200 (89,750) are both declining and positioned well above, confirming the macro trend remains bearish on the daily timeframe. Today's bounce from the Weekly Open at 67,610 is notable, but price needs to do a lot more before the structure changes. The key question now is whether this recovery attempt has real legs or whether the market is simply squeezing shorts before the next leg down. Levels to watch: 78,704 (Monthly Open) is the first critical level bulls need to reclaim. Price has been rejected from this zone multiple times and a clean daily close above it would be the first meaningful sign that sentiment is shifting. 81,761 (EMA 100) sits just above and adds to the overhead supply. Even if bulls push through the Monthly Open, this level is likely to put up a fight. 67,610 (Weekly Open) is now the key support to watch on any pullback. Price bounced hard from this area to kick off the week and losing it on a daily close would be a warning sign that the recovery is fading. Bias: Bearish below 78,704. Watching for a confirmed reclaim of the Monthly Open before considering any shift in directional bias. Invalidation: Daily close above 78,704 with follow-through toward 81,761. Not financial advice. Trade your own plan.